Hyzon Motors and Executives Face SEC Charges for Investor Misconduct
The Securities and Exchange Commission (SEC) has charged Hyzon Motors, a hydrogen vehicle company, and two former executives for misleading investors about its business relationships and vehicle sales. The SEC alleges that Hyzon misrepresented its dealings with potential customers and suppliers, falsely claimed to have delivered its first hydrogen fuel cell electric vehicle (FCEV), and reported false sales figures. The former CEO and managing director of Hyzon's European subsidiary were charged for their roles in the fraudulent scheme. Hyzon, the former CEO, and the managing director have agreed to settle the charges, with Hyzon paying $25 million and the individuals paying civil penalties.