NEW YORK–(BUSINESS WIRE)–#A–Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Spruce Power Holding Corp. (NYSE: SPRU) f/k/a XL Fleet Corp. on behalf of long-term stockholders following a class action complaint that was filed against Spruce on March 8, 2021 with a Class Period from September 2, 2020 to March 2, 2021. Our investigation concerns whether the board of directors of Spruce have breached their fiduciary duties to the company.
The complaint alleges that defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors that: (i) XL’s salespeople were pressured to inflate their sales pipelines to boost the Company’s reported sales and backlog; (ii) at least 18 of the 33 customers that XL featured were inactive and had not placed an order since 2019; (iii) XL’s technology had been materially overstated and offered only 5% to 10% of fleet savings; (iv) XL lacks the supply chain and engineers to roll out new products on the announced timelines; and (v) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you are a long-term stockholder of Spruce, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
[email protected]
www.bespc.com