![]() Workhouse ultimately killed off the W-15 project in early 2020 to continue its main focus on vans and last-mile delivery systems. ![]() Workhorse was co-founded by Steve Burns who left the company a few years ago and went on to form Lordstown Motors. The company was founded in 1998 and in late 2016, announced that they were working on an all-electric pickup truck dubbed the W-15. Workhorse Group already has partnerships with UPS and FedEx Express. It’s not all bad news, however, as shares in Workhorse Group are still up 347 per cent over the last year. After-hours trading saw another 10 per cent wiped off the company’s share price. The company finished the session with a loss of 47.5 per cent compared to the start of the day. Read Also: Workhorse Wants To Buy GM Plant Despite Having Netted Only $6,000 In Sales Last QuarterĬNBC notes that Workhorse stock was halted a handful of times during the last half hour of trading due to heightened volatility. The vehicles will feature either fuel-efficient gasoline engines or will be all-electric. The deal is initially worth $482 million and will see Oshkosh, a military vehicle manufacturer, produces 50,000 to 165,000 vehicles over a 10-year period. Past results do not guarantee a similar outcome.The USPS awarded the first part of a 10-year contract to modernize the postal delivery fleet to Oshkosh Defense. settles or to receive free alerts about company executives engaged in wrongdoing, sign up for Stock Watch today.Īttorney Advertising. (NASDAQ: WKHS) (Workhorse or the Company), an American technology company focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last mile delivery sector, announced today that it has filed a formal complaint with the United States Federal Court of Claims protesting the award of the United States Postal Service Next Generation Delivery Vehicle (USPS NGDV) contract to a. To be notified if a class action against Workhorse Group, Inc. CINCINNATI, J(GLOBE NEWSWIRE) - Workhorse Group Inc. ![]() Robbins LLP is a nationally recognized leader in shareholder rights law. (WKHS) between Jand February 23, 2021, you have until May 7, 2021, to ask the court to appoint you lead plaintiff for the class.Īll representation is on a contingency fee basis. ![]() If you purchased shares of Workhorse Group, Inc. The truth was revealed on February 23, 2021, when the USPS announced, "it awarded a 10-year contract to Oshkosh, WI, based Oshkosh Defense, to manufacture a new generation of U.S.-built postal delivery vehicles that will drive the most dramatic modernization of the USPS fleet in three decades." On this news, the price of Workhorse fell $14.88, or 47%, on February 23, 2021, and continued to drop in after-hours trading to open at $14.07 the next day. Workhorse failed to disclose that: (1) the Company was merely hoping that USPS was going to select an electric vehicle as its Next Generation Delivery Vehicle, and had no assurance or indication from USPS that this was the case and (2) the Company had concealed the fact that – as revealed by the postmaster general in explaining the ultimate decision not to select an electric vehicle – electrifying the USPS's entire fleet would be impractical and extremely expensive. These statements turned out to be false and/or misleading. During the class period, Workhorse Group touted its potential to obtain the USPS contract, speculated that its all-electric vehicle "is probably the perfect vehicle for them," and noted that the contract "would be transforming for the company." WKHS stock peaked at 42.96 and then fell when the U.S. The contract was thought to be worth approximately $6.3 billion. Postal Service contract loss ended the speculation in Workhorse Group (NASDAQ: WKHS ). of theirAnother delay of the USPS contract means investors will need to wait a. (WKHS) Misled Shareholders About Its Ability to Obtain a Delivery Vehicle Contract With the USPSĪccording to the complaint, Workhorse Group was vying for the USPS's Next Generation Delivery Vehicle project, a competitive multiyear acquisition process for replacing approximately 165,000 package delivery vehicles. Workhorse is one of just a handful of companies left in the race but is. If you suffered a loss due to Workhorse Group, Inc.'s misconduct, click here. A particular prospect that raised its share price from less than 2 in March to more than 40 this month was its bid for a big contract from the United States Postal Service to start replacing the. When the USPS announced the winner and it wasn’t. Workhorse was a finalist and the only pure EV contender. Workhorse Group develops and manufactures electric delivery vehicles. The contract was for up to 180,000 delivery vehicles and worth up to 6 billion. (NASDAQ: WKHS) filed a class action complaint against the Company and its officers and directors for alleged violations of the Securities Exchange Act of 1934 between Jand February 23, 2021. SAN DIEGO & LOVELAND, Ohio-( BUSINESS WIRE)-Shareholder rights law firm Robbins LLP announces that a purchaser of Workhorse Group, Inc. Workhorse ( Bear in mind that the USPS had awarded a 10-year Next-Generation Delivery Vehicle (NGDV) contract, worth at least 6 billion, to Oshkosh (.
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