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 Wednesday, March 3, 2021, Muddy Waters Research reported that commercial vehicle electrification company XL Fleet Corpsystematically 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.
Lost Money in XL Stock?
You may be eligible to recover your losses. Get a free and confidential consultation.
(Please provide number of shares, purchase date, and estimated losses.)
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.
Our Securities Lawyers Have a Winning Record Against Companies Like XL
Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. Read more about our results.
You “shouldn’t presume that powerful banks and other powerful interests can just get away with doing bad things. Good, qualified counsel that are committed to a cause can usually figure out how to prosecute such cases effectively and prevail.”
–Eric Gibbs, award-winning securities attorney
Praise from the Courts
Federal judge in our AT&T class action:
“I’ve always found them to be extraordinary counsel in terms of their preparation and their professionalism.”
Federal judge in our Chase lawsuit (resulting in $100 million settlement):
They “fought tooth and nail, down to the wire” to achieve “the best settlement that they could under the circumstances.”
Read more about what judges say about us.
Our Featured Securities Team
Eileen works closely with investors in securities cases and has over a decade of experience in the legal world. She received her law degree from American University in 2005.
David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.
Kyla Gibboney represents plaintiffs in antitrust cases and other complex class actions. Northern California Super Lawyers has named her a Rising Star (2018-2020).
Gibbs Law Group’s financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. Our attorneys have successfully litigated against some of the largest companies in the United States, and we have recovered more than a billion dollars on our clients’ behalf.
Gibbs Law Group's Financial Fraud Experience
We have fought some of the most complex cases brought under federal and state laws nationwide, and our attorneys have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern California, Top Plaintiff Lawyers in California, The Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).
Share this on: