{"id":66096,"date":"2023-09-27T14:45:30","date_gmt":"2023-09-27T18:45:30","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/us-sec-settles-fraud-charges-against-hyzon-motors-over-misleading-investors\/"},"modified":"2023-09-27T14:45:33","modified_gmt":"2023-09-27T18:45:33","slug":"us-sec-settles-fraud-charges-against-hyzon-motors-over-misleading-investors","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66096","title":{"rendered":"US SEC settles fraud charges against Hyzon Motors over misleading investors"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. Picture taken May 12, 2021. REUTERS\/Andrew Kelly\/File Photo<\/span>
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By Kanishka Singh<\/p>\n

WASHINGTON (Reuters) -The U.S. Securities and Exchange Commission said on Tuesday it settled fraud charges against Hyzon Motors of misleading investors.<\/p>\n

The company, a maker of hydrogen fuel cell electric vehicles, was charged with misleading investors about its business relationships and vehicle sales before and after a July 2021 merger with a publicly traded special purpose acquisition company, or SPAC. <\/p>\n

The SEC also charged Craig Knight, Hyzon’s former CEO, and Max Holthausen, former managing director of Hyzon’s European subsidiary, for their roles in the fraudulent scheme, it said in a statement.<\/p>\n

The company also confirmed the settlement and said it was “pleased to put this chapter behind us.”<\/p>\n

Without admitting or denying the allegations in the SEC’s complaint, Hyzon agreed to pay a civil penalty of $25 million in three installments, according to the settlement.<\/p>\n

In the second quarter of 2023, Hyzon accrued a $22 million loss contingency, based upon its management’s assessment of the SEC investigation.<\/p>\n

Knight and Mark Gordon, Hyzon’s former chief financial officer, each reimbursed Hyzon $252,000 and $122,500, respectively, for bonuses they received during the twelve-month period after Hyzon misstated its financial statements, the SEC said.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. Picture taken May 12, 2021. REUTERS\/Andrew Kelly\/File Photo By Kanishka Singh WASHINGTON (Reuters) -The U.S. Securities and Exchange Commission said on Tuesday it settled fraud charges against Hyzon Motors […]<\/p>\n","protected":false},"author":1,"featured_media":2857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-66096","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nUS SEC settles fraud charges against Hyzon Motors over misleading investors | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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