Philadelphia, October 2, 2026 / PRNewswire / -- Berger Montague PC is a leading national plaintiff law firm that has announced that it has filed a class action on behalf of investors who purchased or acquired securities of Hyliion Holdings Corp (New York Stock Exchange ticker: HYLN) ("Hyliion" or "the Company") between May 12, 2026, and June 23, 2026 (the "class action period"). The deadline to apply to be the lead plaintiff is October 27, 2026.

Q&A

What is this lawsuit about?

This lawsuit involves whether Hyliion and some of its senior executives misled investors regarding the importance and prospects of the company's alleged data center partnerships with VFG Holdings, LLC (“VFG”).

On May 12, 2026, Hyliion issued a press release stating that the company has signed a non-binding letter of intent ( LOI ) with VFG to establish a strategic partnership. They plan to deploy up to 250 KARNO Power Modules at the data center sites of VFG over the next five years, which corresponds to an estimated power generation capacity of 50 megawatts.

On May 19, 2026 – within a few days of the release of the VFG announcement – Hyliion disclosed in documents submitted to the U.S. Securities and Exchange Commission (SEC) that CEO Thomas Healy, Chief Financial Officer Jon Panzer, and several other insiders of the company had sold their shares under the 10b5-1 trading plan.

Subsequently, on June 23, 2026, Pelican Way Research released a report titled "Hyliion: A Beautified Scientific Project That Continuously Fails to Meet Expectations, Now Launching Another Meaningless Transaction." The report claimed that LOI of VFG was a facade, as VFG was only established in January 2026 and appeared to have only about four employees. It operated a barely functional two-page website without listing an address, and apart from announcements of transactions with Hyliion, no other content was published on LinkedIn. Affected by this news, the stock price of Hyliion fell by $1.27, or 17%, to close at $6.10 on June 23, 2026. The following day, the stock price of Hyliion further dropped by $1.18, or 19%, closing at $4.92.

What kind of company is Hyliion?

Hyliion, headquartered in Cedar Park in Texas, is a developer of modular power plant technologies, including its KARNO Power Module.

What do I need to do?

If you are an investor of Hyliion and wish to learn more about this initiative, please click here, or contact Andrew Abramowitz of Berger Montague at the email address [email protected], or by phone (215) 875-3015; or Caitlin Adorni at the email address [email protected], or by phone (267) 764-4865; or visit our website.

What is the deadline for the lead plaintiff's application?

The deadline for applying to be appointed as the lead plaintiff is October 27, 2026. This deadline applies only to investors who wish to serve as the lead plaintiff. Collective members who have not applied may still participate in any compensation and do not need to take action before this date.

About Berger Montague

Berger Montague is one of the most renowned law firms in the United States, specializing in complex civil litigation, class actions, and large-scale tort cases in federal and state courts across the country. In 2025 alone, the firm's awarded damages exceeded $2.4 billion; it holds a leading position in numerous areas of practice including complex litigation, antitrust, consumer protection, defective products, environmental law, labor law, securities, and whistleblower cases. For over 55 years, Berger Montague has played a leading role in precedent-setting cases and has recovered more than $50 billion on behalf of its clients and the groups they represent. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Malvern, Pennsylvania, Minneapolis, San Diego, San Francisco, Toronto, Canada, Washington D.C., and Wilmington, Delaware.

For more information or to discuss your rights, please contact:

Andrew Abramowitz

Caitlin Adorni