The lawsuit, spearheaded by Berger Montague PC, centers on claims that Hyliion misled shareholders about a strategic agreement to deploy KARNO Power Modules. In May 2026, Hyliion announced a non-binding letter of intent with VFG, claiming the deal would bring 50 megawatts of power to data center sites. Shortly after this announcement, company insiders, including CEO Thomas Healy and CFO Jon Panzer, sold shares under 10b5-1 trading plans.
Market confidence shifted on June 23, 2026, following a report by Pelican Way Research that characterized the VFG deal as a sham. The report highlighted that VFG was founded only months prior, maintained a minimal online presence, and appeared to lack the operational scale to support the project. Following these allegations, Hyliion’s stock price dropped 17% on June 23 and an additional 19% the following day, closing at $4.92. Investors seeking further information or wishing to participate in the action are advised to contact Andrew Abramowitz or Caitlin Adorni at Berger Montague.
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