On Wednesday, March 3, 2021, Muddy Waters Research reported that commercial vehicle electrification company XL Fleet Corp (NYSE: XL) systematically inflates its sales, exaggerates its client base, and overstates its technological capabilities.

Following this report, XL’s stock dropped more than 13% on Wednesday, March 3, 2021, and continued to plummet as much as 14% on Thursday, March 4, 2021, causing harm to investors. If you invested in XL, you may have a claim.

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XL Stock Drops 13% Following Report

Muddy Waters Research reported that XL Fleet Corp has misled investors about its sales, performance, and customer base. The report cited interviews with former employees who claim that “at least 18 of 33 customers XL featured were inactive.” According to the report, the former employees claim that they were pressured to exaggerate their sales pipelines in order to mislead XL’s board and investors.

In addition, the report questioned XL’s technological capacity, alleging that the company does “not have the engineering talent” to follow through on its “announcement of future class 7-8 upfits,” and that it “generally lacks the supply chain and proprietary technology for effective full electrification.”

On this news, XL’s stock dropped more than 13% by close of trading on Wednesday, March 3, 2021, and continued dropping on Thursday, March 4, 2021, closing at $12 per share, causing harm to investors.

If you invested in XL stock, you may have a legal claim. Contact our securities lawyers today for a free and confidential consultation.

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