Philadelphia, October 19, 2026 / PRNewswire / -- A well-known plaintiff law firm in the United States, Berger Montague PC, announced 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 action period”). The deadline for applying 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 cooperation with VFG Holdings, LLC ("VFG")'s data centers.

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 units at the data center sites in VFG over the next five years, which amounts to approximately 50 megawatts of power generation capacity.

May 19, 2026 – within a few days of announcing the collaboration with VFG, 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 company insiders had sold their shares under the 10b5-1 trading plan.

Subsequently, on June 23, 2026, Pelican Way Research released a report titled "Hyliion: An Overpackaged Scientific Project That Continuously Fails to Meet Expectations, Now Selling a Meaningless Transaction." The report claimed that the letters of intent between Hyliion and VFG were a scam, citing the fact that VFG was only established in January 2026, appeared to have only about 4 employees, operated a website that was barely functional, contained only two pages of content, and did not provide an address. Moreover, the LinkedIn page of VFG published no other content except for announcing a transaction with Hyliion.

Affected by this news, the stock price of Hyliion fell by $1.27 per share on June 23, 2026, a decrease of 17%, closing at $6.10. The following day, the stock price of Hyliion further dropped by $1.18 per share, a decrease of 19%, closing at $4.92 on June 24, 2026.

What kind of company is Hyliion?

Hyliion, headquartered in Cedar Park in Texas, is a developer of modular power plant technologies, whose products include KARNO Power Module.

What do I need to do?

If you are an investor Hyliion and wish to learn more about this lawsuit, please click on the relevant link, or contact Berger Montague at: Andrew Abramowitz, email [email protected], phone (215) 875-3015; or Caitlin Adorni at: email protected, phone (267) 764-4865; you may also visit the website of that law firm.

Hyliion What is the deadline for the lead plaintiff to file their application?

The deadline for applying to be appointed as the lead plaintiff is October 27, 2026. This deadline applies only to investors seeking to serve as lead plaintiffs. Collective members who have not applied may still participate in any potential compensation distribution without needing to take action before that date.

About Berger Montague

Berger Montague indicates that this firm is one of the 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. The firm claims that in 2025 alone, the amount of judgments awarded exceeded $2.4 billion, and it holds a leading position in various fields such as complex litigation, antitrust, consumer protection, defective products, environmental law, labor law, securities, and whistleblower cases. Berger Montague indicates that over the past 55 years, the firm has played a leading role in several precedent-setting cases, recovering more than $50 billion for its clients and the groups they represent. The firm's headquarters are located in Philadelphia, with offices in Chicago, Malvern, Minneapolis, San Diego, San Francisco, Toronto in Canada, Washington, D.C., and Wilmington in Delaware.

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

Andrew Abramowitz

Caitlin Adorni