(MarketWatch) Hyzon Motors Inc. shares fell up to 16% on Wednesday before recovering some losses on news of a regulatory subpoena by the Securities and Exchange Commission.
Hyzon said the SEC had obtained particular documents and information on an alleged short-selling by Blue Orca Capital.
Blue Orca claims that Hyzon’s supposed major clients are fake, equating the company to Lordstown Motors which was found to have misleading information on pre-orders last year.
Hyzon says it is cooperating with the SEC inquiry, with the latest regulatory entanglement adding pressure to a stock which is down 41% in the last 12 months.
The company’s 2021 deliveries for fuel cell heavy-duty vehicles totaled 87, higher than guided 85 vehicles. The automaker still projects its FY21 results to reflect the lower average selling price of vehicles.
HYZN: NASDAQ is currently down -5.07%.
