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Practice Area: Securities Fraud & Investor Protection
Case Status: Pending
Ticker Symbol: NYSE: HYLN
Investigation Deadline: October 27, 2026
Berger Montague PC, a leading national plaintiffs’ law firm, announces a class action lawsuit against Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion” or the “Company”) on behalf of investors who purchased or acquired Hyliion securities during the period from May 12, 2026 through June 23, 2026 (the “Class Period”). The deadline to apply for lead plaintiff is October 27, 2026.
This lawsuit concerns whether Hyliion and certain of its officers misled investors about the significance and prospects of the Company’s purported data center partnership with VFG Holdings, LLC (“VFG”).
On May 12, 2026, Hyliion issued a press release announcing that it had entered into a non-binding letter of intent (“LOI”) with VFG establishing a strategic partnership to deploy up to 250 KARNO Power Modules, or approximately 50 megawatts of power generation capacity, at VFG’s data center sites over the next five years.
On May 19, 2026 – within days of the VFG announcement – Hyliion disclosed in SEC filings that CEO Thomas Healy, CFO Jon Panzer, and several other Company insiders had sold shares pursuant to 10b5-1 trading plans.
Then, on June 23, 2026, Pelican Way Research published a report entitled “Hyliion: A Glorified Science Project Who Has Continuously Failed to Meet Expectations And Is Now Throwing Around A Meaningless Deal.” The report alleged that the VFG LOI was a sham because VFG had only been formed in January 2026, appeared to have only about four employees, operated a barely functioning two-page website with no listed address, and had posted nothing on LinkedIn other than the announcement of its deal with Hyliion. On this news, Hyliion’s stock price fell $1.27 per share, or 17%, to close at $6.10 on June 23, 2026. The following day, Hyliion’s stock price fell a further $1.18 per share, or 19%, to close at $4.92 on June 24, 2026.
Hyliion, headquartered in Cedar Park, Texas, is a developer of modular power plant technology, including its KARNO Power Module.
If you are a Hyliion investor and would like to learn more about this action, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bergermontague.com or (215) 875-3015 or Caitlin Adorni at cadorni@bergermontague.com or (267) 764-4865.
The deadline to apply for lead plaintiff appointment is October 27, 2026. This deadline applies only to investors seeking to serve as lead plaintiff. Class members who do not apply may still participate in any recovery without taking action before this date.
Berger Montague is one of the nation’s preeminent law firms focusing on complex civil litigation, class actions, and mass torts in federal and state courts throughout the United States. With more than $2.4 billion in 2025 post-trial judgments alone, the Firm is a leader in the fields of complex litigation, antitrust, consumer protection, defective products, environmental law, employment law, securities, and whistleblower cases, among many other practice areas. For over 55 years, Berger Montague has played leading roles in precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago; Malvern, PA; Minneapolis; San Diego; San Francisco; Toronto, Canada; Washington, D.C., and Wilmington, DE.
For more information or to discuss your rights, please contact:
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bergermontague.com
Caitlin Adorni
Director of Portfolio and Institutional Client Monitoring Services
Berger Montague
(267) 764-4865
cadorni@bergermontague.com
Director of Portfolio and Institutional Client Monitoring Services
A class action has been filed against the company over losses suffered by investors and Berger Montague is currently speaking with investors about their options.
Your information will be reviewed by our legal team. If you appear eligible, we will contact you as soon as possible to discuss next steps and answer any questions you may have.
Yes. Any information you provide will be kept secure and used only for purposes related to this investigation.
No. An initial consultation is completely free of charge. If you qualify, you will not be asked to pay any upfront legal fees.
