Hyzon Motors in Settlement With SEC, Will Pay $25 Million of Civil Penalties
27 Settembre 2023 - 12:27AM
Dow Jones News
By Josh Beckerman
Fuel-cell vehicle developer Hyzon Motors reached a settlement
with the Securities and Exchange Commission, which alleged the
company misled investors about its business relationships and
vehicle sales.
The SEC said its complaint alleged that in July 2021 Hyzon
falsely stated that its first fuel-cell electric vehicle had been
delivered. The SEC said the company went, "as far as posting a
misleading video of the vehicle purportedly running on hydrogen,
when the vehicle was not equipped to operate on hydrogen
power."
Hyzon said it agreed to pay $25 million in civil penalties in
three installments without admitting or denying the
allegations.
The SEC also announced charges against, and settlements with,
Hyzon's former CEO Craig Knight and Max C.B. Holthausen, former
managing director of the company's European unit.
In the second quarter, Hyzon accrued a $22 million loss
contingency related to the SEC investigation.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
September 26, 2023 18:12 ET (22:12 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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