NEW YORK, Nov. 04, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Workhorse Group Inc. (“Workhorse” or the “Company”) (NASDAQ: WKHS).   Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.

The investigation concerns whether Workhorse and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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On November 1, 2019, Workhorse disclosed that on October 28, 2019, the Audit Committee of the Company’s Board of Directors concluded that “the Company’s unaudited financial statements as of and for the three and six months ended June 30, 2019 ( the ‘Financial Statements’) should no longer be relied upon.”  Specifically, Workhorse “identified an accounting misstatement in the Financial Statements primarily related to Warrants issued in July 2018 as part of a debt financing” and advised investors that “[t]he impact on the Company’s Financial Statements . . . is to reduce interest expense by approximately $16.9 million and reduce the warrant liability by the same amount for previously recorded mark-to-market adjustments.  The impact on shareholders’ deficit was to reduce it by approximately $17.6 million.”  On this news, Workhorse’s stock price fell sharply during intraday trading on November 4, 2019.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980