WORKHORSE GROUP USPS CONTRACT FULL

The agreement also provides Oshkosh with funds to pay for the necessary tools and factory configuration before production begins. Under the terms of the first deal, Oshkosh, Wisconsin, based in Oshkosh, will receive a $482 million contract to complete the production design of its postal truck offering.

The Postal Service announced oshkosh Defense as the winner of the contest to build the postal car in February. 14, he dropped the lawsuit, expressing hope the move would improve his chances of winning future federal contracts. You might be interested in USPS Data Breach Details.Since awarding the postal contract to a rival, Workhorse has sued the government, trying to reverse the postal decision or win part of the tender. You can also reach out to us on Twitter or Facebook or via email at Also, directly on our website! We look forward to hearing from you. Please send us a message by clicking the ‘Contact Us’ button below. What are your thoughts on this piece? Have you invested in the Workhorse Group? This article is published to inform you of the latest class action lawsuit filed against Workhorse Group by its investors over alleged stock crash. Editor’s Note on Workhorse Group USPS Contract Class Action Lawsuit: They also add that the $6 billion contracts, which Congress will fund, pose serious consequences that can significantly impact the current climate crisis.

WORKHORSE GROUP USPS CONTRACT FULL

The lawmakers assert that a full review should be conducted to ensure that the contract was awarded fairly and with no external influences. They claim that USPS’ decision to award the contract to Oshkosh Defense is against the President’s executive order to change federal vehicles into electric vehicles. President, Joe Biden, to pause the execution of the contract until the investigation is done.

Representative Tim Ryan to look into the contract.Īccording to him, a $54 million stock transaction occurred before USPS granted the contract to Oshkosh Defense.įederal lawmakers have requested the U.S. Securities and Exchange Commission (SEC) was requested by the U.S. In March 2021, a bill was presented in the U.S House Representative declaring the USPS next-generation fleet should be 75% zero-emission vehicles. Multiple federal lawmakers took action to stop the deal and investigate the details surrounding the USPS contract. USPS announced on February 23, 2021, that it had awarded the ten-year contract to Oshkosh Defense.Īfter the announcement, Workhorse Group’s share price fell by more than 47%, which greatly affected its investors. The contract is estimated to be worth $6.3 billion. Workhorse Group was one of the top four finalists being eyed by USPS for the ten-year contract. USPS was selecting a company to contract with for its future delivery vehicles.

The plaintiffs complain that Workhorse Group failed to inform its investors that USPS is unlikely to contract an electric vehicle since doing so would be too costly for USPS. However, it was later found out that these statements were just “hopes” by the company, and it was not guaranteed, which resulted in a major loss of investment when the share price fell, and the contract was not granted to the company. Since Workhorse Group manufactures electric vehicles, the investors assumed that the contract was already a done deal. The class action lawsuit alleges that the statements implied that USPS has already decided to use an electric vehicle as the company’s delivery van. The individuals in question were Duane Hughes, Workhorse Group’s CEO, and Steve Schrader, Workhorse Group’s Chief Financial Officer. The complainants assert that two important figures from the Workhorse Group were interviewed by the media and released misleading statements. The deceptive claims were related to Workhorse Group’s efforts to bid a contract with the U.S. However, the false claims and bid fell off, resulting in a significant loss of money for the investors. The class action lawsuit was filed by investors against Workhorse Group in March 2021 in a California federal court.Īccording to the plaintiffs, the company has made misleading public statements that influenced the investors to finance the company. Consumer Class Actions Workhorse Group USPS Contract Class Action Lawsuit – Investors Lost Thousands…īy Consider The Consumer on Investors Sue Workhorse Group Over Deceptive Contract ClaimsĪmerican manufacturing company, Workhorse Group, was charged with a class action lawsuit by its investors due to alleged misleading, false claims made by the company.

Workhorse group usps contract