The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information. All capitalized terms used on this website and in the Notice that are not otherwise defined have the meanings ascribed to them in the Stipulation and Agreement of Settlement dated December 6, 2023 (“Stipulation”), which you may access by clicking here.

If you purchased or otherwise acquired the publicly traded common stock, units, and/or warrants of XL Fleet or Pivotal, purchased or otherwise acquired publicly traded XL Fleet or Pivotal call options, and/or wrote publicly traded XL Fleet or Pivotal put options between September 18, 2020 and March 31, 2021, both dates inclusive, and were damaged thereby, you may be entitled to a payment from a class action settlement.

PLEASE READ THE NOTICE CAREFULLY.

The Settlement Hearing

Settlement Class Members do not need to attend the Settlement Hearing. The Court will consider any submission made in accordance with the provisions set forth in paragraphs 71-87 of the Notice even if a Settlement Class Member does not attend the hearing. You can participate in the Settlement without attending the Settlement Hearing.

The Settlement Hearing will be held on April 30, 2024, at 10:00 a.m., before the Honorable Jennifer L. Rochon at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007. The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses, and/or any other matter related to the Settlement at or after the Settlement Hearing without further notice to the members of the Settlement Class.

What is this case about?

This litigation stems from alleged violations of the federal securities laws. The alleged violations arise out of various statements made by the Defendants, which Plaintiffs allege were false and/or misleading. The alleged false and misleading statements concern Defendants’ purported failure to disclose to investors that: (a) XL Fleet had materially manipulated and overstated its sales pipeline figures; (b) XL Fleet had been experiencing supply chain problems that impeded its ability to timely fill existing orders; (c) a large number of the customers touted by XL Fleet were inactive and no longer ordering its products; (d) the quality and benefits of XL Fleet's technology were overstated and that technology did not provide the miles-per-gallon (“MPG”) savings to customers that Defendants represented; (e) XL Fleet lacked the required California Air Resources Board (“CARB”) approvals required to sell its products in California; and (f) as a result of these omissions, XL Fleet’s revenue projections were materially overstated. A more detailed description of the Action is set forth in paragraphs 11-29 of the Notice.

The Settlement Benefits

At this time, it is not possible to make any determination as to how much any individual Settlement Class Member may receive from the Settlement.

Pursuant to the Settlement, Defendants have agreed to pay or cause to be paid nineteen million five hundred thousand dollars ($19,500,000) in cash (the “Settlement Amount”). The Settlement Amount will be deposited into an escrow account. The Settlement Amount plus any interest earned thereon is referred to as the “Settlement Fund.” If the Settlement is approved by the Court and the Effective Date occurs, the “Net Settlement Fund” (that is, the Settlement Fund less (a) all federal, state, and/or local taxes on any income earned by the Settlement Fund and the reasonable costs incurred in connection with determining the amount of and paying taxes owed by the Settlement Fund (including reasonable expenses of tax attorneys and accountants); (b) the costs and expenses incurred in connection with providing notice to Settlement Class Members and administering the Settlement on behalf of Settlement Class Members; and (c) any attorneys’ fees and Litigation Expenses awarded by the Court) will be distributed to Settlement Class Members who submit valid Claim Forms, in accordance with the proposed Plan of Allocation or such other plan of allocation as the Court may approve.

The Net Settlement Fund will not be distributed unless and until the Court has approved the Settlement and a plan of allocation, and the time for any petition for rehearing, appeal, or review, whether by certiorari or otherwise, has expired.

Further Information

This website and the Notice summarize the Settlement. For more details regarding the Settlement please reference the Stipulation, or other documents filed in the case under the “Court Documents” link on the left. You may also contact the Claims Administrator or Lead Counsel for further information regarding the Settlement:

Claims Administrator: