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September 26, 2023

Posted  September 26, 2023

Hyzon Motors, which builds hydrogen fuel cell electric vehicles, has agreed to pay $25 million to settle SEC charges of misleading investors about its business relationships and sales numbers.  Its former CEO, Craig Knight, has agreed to pay about $250,000, and former managing director of its European subsidiary, Max C.B. Holthausen, has agreed to pay over $122,500, to settle charges against them.  Hydron, Knight, and Holthausen allegedly misrepresented that they had already sold a number of vehicles and that more sales were imminent, and made other misstatements concerning its certain customer and supplier relationships, the delivery of its first vehicle, and the reporting of its sales numbers.  SEC

Tagged in: Financial and Investment Fraud, Misrepresentations,