Philadelphia, October 19, 2026 /PRNewswire/ — Nationally recognized plaintiff’s law firm Berger Montague PC announces that it has filed a class action lawsuit against Hyliion Holdings Corp. (NYSE: HYLN, referred to as “Hyliion” or the “Company”) on behalf of investors who purchased or acquired Hyliion securities between May 12, 2026, and June 23, 2026 (the “Class Period”). The deadline to apply for appointment as lead plaintiff is October 27, 2026.
Q&A
What is this lawsuit about?
This lawsuit concerns whether Hyliion and certain of its executives misled investors regarding the significance and potential of the company’s alleged data center partnership 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, planning to deploy up to 250 KARNO Power Modules at VFG’s data center sites over the next five years, equivalent to approximately 50 megawatts of generation capacity.
On May 19, 2026—just days after announcing its partnership with VFG—Hyliion disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) that CEO Thomas Healy, CFO Jon Panzer, and several other company insiders had sold shares pursuant to a 10b5-1 trading plan.
On June 23, 2026, Pelican Way Research released a report titled “Hyliion: An Overhyped Science Project That Has Consistently Failed to Deliver and Now Offers a Meaningless Transaction.” The report claimed that the letter of intent between Hyliion and VFG was a scam, citing that VFG was only established in January 2026, appears to have approximately four employees, operates a website that is nearly non-functional, consists of only two pages, does not list an address, and has a LinkedIn page with no content other than the announcement of the deal with Hyliion.
Affected by this news, Hyliion's stock price fell $1.27 per share, or 17%, closing at $6.10 on June 23, 2026. The following day, Hyliion's stock price declined further by $1.18 per share, or 19%, closing at $4.92 on June 24, 2026.
What is Hyliion?
Hyliion, headquartered in Cedar Park, Texas, is a developer of modular power plant technology, with products including the KARNO Power Module.
What do I need to do?
If you are a Hyliion investor and wish to learn more about this lawsuit, please click the relevant link or contact Berger Montague: Andrew Abramowitz at [email protected] or (215) 875-3015; or Caitlin Adorni at [email protected] or (267) 764-4865; or visit the firm’s website.
What is the deadline for the lead plaintiff application for Hyliion?
The deadline to apply for appointment as lead plaintiff 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 potential distribution of proceeds without taking any action by this date.
About Berger Montague
Berger Montague is one of the leading law firms in the United States, specializing in complex civil litigation, class actions, and mass tort cases in federal and state courts nationwide. The firm states that it has secured over $2.4 billion in post-trial judgments in 2025 alone and is recognized as a leader in areas including complex litigation, antitrust, consumer protection, defective products, environmental law, labor law, securities, and whistleblower cases. Over the past 55 years, Berger Montague has played a leading role in numerous landmark cases, recovering more than $50 billion for its clients and the classes they represent. The firm is headquartered in Philadelphia, with additional 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
Berger Montague
(215) 875-3015
[email protected]
Caitlin Adorni
Berger Montague
(267) 764-4865
[email protected]