Westport Fuel Systems Inc. dropped as much as 24% in intraday trading after its Chinese subsidiary admitted that its "HPDI 2.0" engine, which recently obtained Chinese certification, cannot yet be sold on the market. Gibbs Law Group is investigating a potential Westport Fuel Systems Inc. Class Action Lawsuit on behalf of investors who lost money in Westport Fuel Systems Inc. ( NASDAQ: WPRT).
To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
On September 18, 2020, Westport Fuel Systems announced that it had secured certification of its 12-liter "HPDI 2.0" engine from the Ministry of Ecology and Environment of China. Following that announcement, Westport Fuel Systems Inc stock jumped nearly 39%. The announcement stated that the certification meant the company "is now in a position to market and sell the heavy-duty natural gas engines with HPDI technology to various truck original equipment manufacturers."
Four days later on September 22, 2020, Westport Fuel System's Chinese subsidiary released a new statement admitting that, although the company's Weichai Westport Inc. ("WWI") joint venture did receive certification for HPDI 2.0, "it may not be sold to the market according to the relevant Laws and Regulations of the People's Republic of China (PRC)." Before it can be sold on the market, the engine "must successfully complete calibration work for high altitude, high temperature, cold environment and vehicle durability testing of over 700,000km."
On this news, Westport Fuel Systems stock dropped as much as 24% in intraday trading, causing significant harm to investors.
What Should Westport Fuel Systems Investors Do?
If you invested in Westport Fuel Systems, visit our website, or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Westport Fuel Systems, and some of its officers and/or directors, have violated federal securities laws.
About Gibbs Law Group
Gibbs Law Group represents individual and institutional investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world's largest corporations, and our attorneys have received numerous honors for their work, including "Best Lawyers in America," "Top Plaintiff Lawyers in California," "California Lawyer Attorney of the Year," "Top Class Action Attorneys Under 40," "Consumer Protection MVP," and "Top Cybersecurity/ Privacy Attorneys Under 40."
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