Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
On September 22, 2020, Westport Fuel Systems Inc.dropped as much as 24% after its Chinese subsidiary admitted that its new “HPDI 2.0” natural gas engine technology, which recently obtained Chinese certification, cannot yet be sold on the market. Following this news, Westport stock plummeted, significantly harming investors.
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Westport stock plummets nearly 20% on news that HPDI 2.0 is not ready for the market
On Friday, September 18, 2020, Westport Fuel Systems announced that it had secured certification for its 12-liter “HPDI 2.0″ engine from the Ministry of Ecology and Environment of China. The announcement specifically stated that the certification meant the company “is now in a position to market and sell the heavy-duty natural gas engines with HPDI technology to various truck original equipment manufacturers.” Following this announcement, Westport stock jumped nearly 39%.
Four days later, the company’s Chinese subsidiary issued a new statement clarifying that despite obtaining the necessary certification, the product cannot yet be sold on the market until successful completion of calibration work for high altitude, high temperature, cold environment and vehicle durability testing of over 700,000 km.
The September 22 Weichai Westport statement explained:
“Although the engine has obtained Certification from the Ministry of Ecology and Environment of the PRC, it can not be sold to market according to the relevant Laws and Regulations of the People’s Republic of China (PRC).”
On this news, Westport Fuel Systems stock dropped as much as 24% in intraday trading.
If you lost money on Westport Fuel Systems stock, you may have a claim. Speak with a securities lawyer to learn more about your options.
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