Berger Montague files class action against Hyliion over VFG partnership claims
The law firm says the case centers on whether Hyliion and certain officers misled investors about the significance and prospects of a data center partnership with VFG Holdings.
Berger Montague PC says it has filed a class action lawsuit against Hyliion Holdings Corp. on behalf of investors who purchased or acquired Hyliion securities between May 12, 2026, and June 23, 2026, according to a Sept. 2 release from the firm.
The complaint centers on claims that Hyliion and certain officers misled investors about a proposed data center partnership with VFG Holdings LLC. The release says the case concerns what Hyliion told the market about the deal and how investors reacted as new information emerged.
According to the release, Hyliion announced on May 12, 2026, a non-binding letter of intent with VFG Holdings that described a strategic partnership to deploy up to 250 KARNO Power Modules, or about 50 megawatts of power generation capacity, at VFG data center sites over five years.
The release also says SEC filings on May 19, 2026, disclosed insider sales by CEO Thomas Healy, CFO Jon Panzer, and several other insiders under 10b5-1 trading plans. A 10b5-1 plan is a preset trading plan that lets insiders buy or sell shares under terms set in advance.
Berger Montague cites a June 23, 2026 report by Pelican Way Research that criticized the VFG arrangement. The release says the report alleged the deal was a sham and claimed VFG had been formed in January 2026, had about four employees, operated a two-page website with no listed address, and had posted nothing on LinkedIn other than the Hyliion deal announcement.
The release says Hyliion stock fell $1.27, or 17%, to $6.10 on June 23, 2026, after that report, then fell another $1.18, or 19%, to $4.92 on June 24, 2026.
Hyliion is headquartered in Cedar Park, Texas, and develops modular power plant technology, including the KARNO Power Module, the release says.
Berger Montague says investors who want to seek appointment as lead plaintiff must apply by Oct. 27, 2026. The firm says class members who do not apply may still share in any recovery.
What happens next
The lead-plaintiff deadline is Oct. 27, 2026, according to the release. Berger Montague’s notice says investors may contact the firm for more information.
Sources
Editorial note: This article was prepared with AI assistance and includes source attribution for reader review.
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