Hyliion’s CEO and Founder Thomas Healy and CFO Jon Panzer are named as individual defendants in a securities class action alleging they controlled statements presenting a non-binding letter of intent with a four-employee counterparty as a significant commercial opportunity.

NEW YORK, Sept. 23, 2026 /PRNewswire/ — Levi & Korsinsky, LLP alerts investors in Hyliion Holdings Corp. (NYSE: HYLN) that a securities class action naming Chief Executive Officer and Founder Thomas Healy and Chief Financial Officer Jon Panzer as individual defendants has been filed on behalf of shareholders who purchased securities between May 12, 2026 and June 23, 2026. Find out if you may be eligible to recover losses. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

HYLN closed at $7.37 per share on June 22, 2026 and at $4.92 per share on June 24, 2026, a decline of $2.45 per share, or 33.24%. The window to apply for lead plaintiff closes on October 27, 2026.

The Named Individual Defendants

The action is brought against Hyliion and two officers who served throughout the period at issue: Healy, the Company’s Founder and Chief Executive Officer, and Panzer, its Chief Financial Officer. Count II seeks to hold both men liable under Section 20(a) of the Exchange Act as control persons, in addition to the Section 10(b) and Rule 10b-5 claims asserted against all defendants.

Sarbanes-Oxley Certification Obligations

Senior officers who sign certifications under Sarbanes-Oxley Sections 302 and 906 personally attest to the accuracy and completeness of a company’s public reporting. The pleading asserts that both officers had actual knowledge of, or access to, non-public information concerning the Company’s evaluation of VFG Holdings, LLC and the basis for promoting the VFG letter of intent as a significant component of a disclosed commercial pipeline exceeding $400 million.

Alleged Control Person Liability

• Both officers are alleged to have possessed the power and authority to control the contents of Hyliion’s SEC reports, press releases, and presentations to securities analysts and institutional investors.
• Each individual defendant is alleged to have received the challenged materials before or shortly after issuance, with the ability and opportunity to prevent their issuance or cause them to be corrected.
• The action characterizes the challenged statements as “group-published” information resulting from the collective actions of the individual defendants.
• The complaint charges that the officers presented the VFG partnership as a significant commercial opportunity without disclosing the extent of any diligence into the counterparty’s resources or development experience.
• After a June 23, 2026 research report raised questions about the counterparty, the pleading notes that neither officer publicly rebutted the findings, and 2026 revenue guidance was later raised by 50%, from $10 million to about $15 million.

“Corporate officers have a duty to ensure their companies’ public statements are accurate and complete. Here the complaint charges that two senior executives presented a non-binding letter of intent representing roughly one-third of a disclosed pipeline as a meaningful partnership without disclosing the basis for that confidence. Section 20(a) exists so shareholders can seek accountability from the individuals alleged to have controlled those disclosures.” — Joseph E. Levi, Esq.

Submit your information to learn more or call (212) 363-7500.

Levi & Korsinsky, LLP is a nationally recognized shareholder rights firm. Over the past 20 years, the firm has secured hundreds of millions of dollars for aggrieved shareholders. Ranked in ISS Top 50 for seven consecutive years.

Frequently Asked Questions About the HYLN Lawsuit

Q: What court was the HYLN class action filed in? A: The case was filed in the United States District Court for the Western District of Texas, Austin Division, governed by the Private Securities Litigation Reform Act of 1995.

Q: Who are the defendants named in the HYLN lawsuit? A: The complaint names Hyliion Holdings Corp. and individual defendants including senior executives who signed SEC filings, made public statements, or certified financial disclosures under Sarbanes-Oxley.

Q: What specific misstatements does the HYLN lawsuit allege? A: The complaint alleges Hyliion Holdings Corp. made materially false or misleading statements regarding the credibility and commercial viability of its announced data center partnership with VFG Holdings, which represented approximately $133 million of a disclosed pipeline exceeding $400 million. When a research report questioned the counterparty’s operational capabilities, financial resources, and development experience, the stock price declined sharply.

Q: What do HYLN investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Submit your information for a no-cost, no-obligation evaluation of your potential recovery. No immediate action is required to remain eligible as an absent class member.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

Q: What if I already sold my HYLN shares — can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. If there is a settlement or recovery, eligible class members generally submit a claim form to seek their portion.

Q: What does it cost me to participate? A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in the securities class action, they are generally handled on a contingency basis, with any attorneys’ fees and expenses subject to court approval.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

jlevi@levikorsinsky.com

Tel: (212) 363-7500

Fax: (212) 363-7171

Attorney Advertising. Prior results do not guarantee similar outcomes.

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