Hyzon Motors, SPAC Merger Complaint May Proceed, Judge Says

Leaders and backers of a blank-check company that merged with Hyzon Motors Inc. in 2021 must face an investor’s claims they overstated the hydrogen-fuel-cell vehicle maker’s customer base and financial health, a Delaware judge ruled Monday.

“At this stage, the plaintiff has stated a claim for breach of fiduciary duty based on materially misleading disclosures and omissions,” Vice Chancellor Paul Fioravanti Jr. of Delaware’s Chancery Court said, ruling from the bench.

News releases and presentations about Hyzon’s customers may have given investors the wrong impression about potential vehicle orders and about business relationships with blue-chip companies, he said. ...