Workhorse Investor Alert: Kaplan Fox Investigates Potential Securities Fraud at Workhorse Group, Inc.

NEW YORK, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Workhorse Group, Inc. (“Workhorse” or the “Company”) (NASDAQ: WKHS).

The United States Postal Service’s “next generation delivery vehicle” (NGDV) search to replace its aging fleet of more than 200,000 trucks was conducted over a number of years. 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. . . .”

Then, 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 by more than 47%, about $14.9 per share, to close at $16.465 per share on February 23, 2021.

If you purchased or otherwise acquired Workhorse securities and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:

Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: ffox@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax:  (415) 772-4707
E-mail: lking@kaplanfox.com