Kaplan Fox Files Class Action Against Hyliion Over Alleged Fraud
News related to:Hyliion Holdings Corp · 2 min read
Kaplan Fox & Kilsheimer LLP has announced the filing of a class action lawsuit against Hyliion Holdings Corp. (HYLN), a company listed on the NYSE American, on behalf of investors who purchased or otherwise acquired Hyliion securities between May 12, 2026, and June 23, 2026.
According to the complaint, Hyliion announced a partnership with VFG Holdings LLC (VFG) on May 12, 2026, through a letter of intent (LOI) to provide power modules for data center applications. The announcement led to a significant increase in Hyliion's stock price, rising from $2.68 per share on May 12, 2026, to $4.67 per share on May 15, 2026. However, on June 23, 2026, Pelican Way Research issued a report alleging that the LOI with VFG was a sham, as VFG Holdings, or legally VFG Tech Holdings, LLC, did not appear to have any substance. This news caused Hyliion's stock to plummet, falling $1.27, or 17.2%, on June 23, 2026, and an additional $1.18 per share, or 19.3%, on June 24, 2026, to close at $4.92 per share.
Kaplan Fox & Kilsheimer LLP, a nationally recognized law firm with offices in New York, Oakland, Los Angeles, Chicago, and New Jersey, is leading the lawsuit. The firm has a history of prosecuting complex litigation, including securities, antitrust, and consumer protection actions, with recoveries exceeding $10 billion for clients and classes it has represented.
The deadline for investors to potentially join the class action lawsuit and serve as a lead plaintiff is October 27, 2026. Investors who purchased or otherwise acquired Hyliion securities during the class period and have suffered losses are encouraged to contact Kaplan Fox & Kilsheimer LLP. The firm can be reached by email at [email protected] or by phone at (646) 315-9003.
Kaplan Fox & Kilsheimer LLP has a track record of securing significant recoveries for its clients, including a $2.425 billion recovery on behalf of Bank of America shareholders in In re Bank of America, the largest recovery ever obtained for claims under Section 14(a) of the Securities Exchange Act, and a $475 million settlement in In re Merrill Lynch.
The firm represents public pension funds, institutional investors, businesses, and individuals in high-stakes litigation, advocating for accountability and protecting investor interests.