Δ document.getElementById( "ak_js_3" ).setAttribute( "value", ( new Date() ). The contract originally was to be awarded in 2018. Originally, seven suppliers created concepts to replace the aging fleet of right-hand drive Long Life Vehicles (LLV) made by Grumman. The Postal Service began a multiyear research program for new delivery vehicles in 2016. We tell you about cash you can claim every week!ĬAPTCHAEmailThis field is for validation purposes and should be left unchanged. Workhorse shares closed down 19.02 at 20.43 on Wednesday. Tim Ryan is reportedly urging the Securities and Exchange Commission to examine a $54 million stock deal made the day before the USPS contract was announced. Sherrod Brown all of Ohio in a letter to President Joe Biden. “This contract will have consequences for decades to come and, as such, we have serious concerns it could be a wasted opportunity to address the climate crisis and the reindustrialization of our manufacturing sector,” U.S. In addition to the investors’ class action, several lawmakers indicated that they will push for a stop to the project pending further investigation into accusations of improper influences on the deal, given how lucrative the deal will be for the awardee - $6 billion in federal funding, according to Business Journal Daily. The class action lawsuit alleges that Workhorse Group stock plummeted after the announcement.
Workhorse Group, headquartered in Cincinnati, was reportedly among the top finalists for a USPS contract for electric delivery vehicles however, USPS announced that it was going with Oshkosh Defense on Feb. Workhorse CEO Duane Hughes and Chief Financial Officer Steve Schrader made statements to the media that failed to disclose the lack of assurances regarding a USPS contract, along with “adverse facts pertaining to the company’s business, operational, and financial results,” according to the lawsuit.
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