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HomeBusinessHyzon Motors Settles SEC Investigation for $25M Penalty (NASDAQ:HYZN)

Hyzon Motors Settles SEC Investigation for $25M Penalty (NASDAQ:HYZN)

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The SEC has filed a complaint against Hyzon Motors, a hydrogen fuel cell technology company, alleging fraud. The complaint also implicates former CEO Craig Knight and former managing director Max C.B. Holthausen. Additionally, Knight and Holthausen have consented to final judgments resolving the SEC’s allegations. As part of the settlement, Knight, former CFO Mark Gordon, and a former director have voluntarily returned a total of $374,500 to Hyzon, related to certain incentive compensation previously paid by the company. This development follows the company’s previous disclosure of the investigation in its reports throughout 2022 and 2023.

In terms of legal action, the SEC has lodged a complaint against Hyzon Motors, along with the company’s former CEO Craig Knight and former managing director Max C.B. Holthausen, alleging fraudulent activities. Coinciding with the complaint, Knight and Holthausen have agreed to final judgments as a resolution to the SEC’s accusations against them. Additionally, former CFO Mark Gordon and another former director have voluntarily given back $252,000 and $122,500, respectively, to Hyzon. These funds are linked to incentive compensation that the company had previously paid out. Hyzon had already disclosed this ongoing investigation in its reports, including its most recent annual and quarterly filings.

The Securities and Exchange Commission (SEC) has made serious allegations of fraud against Hyzon Motors, a hydrogen fuel cell technology company. Alongside these accusations, the complaint also includes former CEO Craig Knight and former managing director Max C.B. Holthausen as defendants. Both Knight and Holthausen have agreed to settle the matter with the SEC, consenting to final judgments. As part of the resolution, former CFO Mark Gordon and another former director have voluntarily returned $252,000 and $122,500, respectively, to Hyzon. These sums represent certain incentive compensation previously disbursed by the company. Hyzon had already publicly acknowledged the investigation in its reports, including its Form 8-K report filed in January 2022, as well as its annual and quarterly reports for the subsequent periods.

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