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Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Workhorse Group, Inc. (NASDAQ: WKHS) on behalf of Workhorse stockholders. Our investigation concerns whether Workhorse has violated the federal securities laws and/or engaged in other unlawful business practices.
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Workhorse submitted a bid to participate in the United States Postal Service’s "next generation delivery vehicle" (NGDV) search, which would replace an aging fleet of more than 200,000 trucks. Final bids were submitted on July 14, 2020. In a July 21, 2020 article published by Benzinga, Steve Schrader, Workhorse’s CFO, provided an update on the USPS contract estimated to be worth $6 billion. According to the article, "Schrader said he can’t discuss too much about the process at this point, but Workhorse is the only all-electric option" and Schrader reportedly stated "[w]hat I will say is our all-electric is probably the perfect vehicle for them. . . ."
On February 23, 2021, USPS awarded its contract to finalize the design of the NGDV and assemble 50,000 to 165,000 vehicles over 10 years to Oshkosh Defense, beating electric-vehicle maker Workhorse. According to the USPS press release, "the vehicles will be equipped with either fuel-efficient internal combustion engines or battery electric powertrains and can be retrofitted to keep pace with advances in electric vehicle technologies."
On February 23, 2021, following the news that Workhorse was passed over for the USPS contract, Workhorse shares fell $14.87 per share, or approximately 47.45%, from $31.34 per share to close at $16.47 per share on February 23, 2021.
If you purchased or otherwise acquired Workhorse shares and suffered a loss, are a long term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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