According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or 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; (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 astronomically expensive; and (3) as a result, defendants’ statements about Workhorse’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
