The US Securities and Exchange Commission (SEC) has filed a complaint against Hyzon Motors, a leading manufacturer of hydrogen fuel cell-powered commercial vehicles. The complaint specifically names former CEO Craig Knight and former managing director Max C.B. Holthausen, along with a former director. Knight and Holthausen have agreed to the entry of final judgments that resolve the SEC’s allegations.
In addition, Knight, former CFO Mark Gordon, and another former director have voluntarily returned $252,000 and $122,500 to Hyzon. These payments relate to certain incentive compensation that the company had previously paid them. The investigation into the matter was disclosed by the company in various reports, including its annual report for the year ended December 31, 2022.
The SEC’s action against Hyzon Motors and its executives stems from alleged violations of securities laws. By reaching settlements and returning funds, Knight, Holthausen, and their colleagues have taken steps to address the SEC’s concerns. The company’s earlier disclosures indicate that it has been actively communicating the developments related to the investigation. As the case progresses, it will be interesting to see how it impacts the reputation and operations of Hyzon Motors in the competitive market of hydrogen fuel cell-powered vehicles.