Why Shares of Hyzon Motors Are Crashing Today
After learning of some red flags relating to its financials, investors are slamming on the brakes of Hyzon Motors (NASDAQ: HYZN). The developer of fuel-cell-powered electric vehicles was supposed to present its second-quarter 2022 earnings on Aug. 15, but the company announced it will have to delay the report. Several other items, meanwhile, are also motivating investors to click the sell button.
As of 10:07 a.m. ET, shares of Hyzon Motors have plummeted 39.8%.
After the market closed yesterday, Hyzon Motors announced it has "become aware of revenue recognition timing issues in China." Consequently, the company has created a special committee that will partner with external advisors to investigate the matter, along with "other governance and compliance issues."
Source Fool.com
