INVESTOR ACTION NOTICE: Moore Law PLLC Encourages Investors in Hyliion Holdings Corp. to Contact Law Firm

Hyliion shares plunged over 32% after a critical report questioned a $133 million partnership.

What the company is saying

The announcement relays that Pelican Way Research published a report on June 23, 2026, challenging the commercial viability of Hyliion Holdings Corp.'s proposed partnership with VFG Holdings. Hyliion had previously disclosed a non-binding letter of intent with VFG Holdings for up to 250 KARNO Cores over five years, valued at approximately $133 million. The report highlighted VFG Holdings' recent incorporation on January 5, 2026, its limited staffing of four employees, and a barely functioning website, raising doubts about its operational and financial capacity. The company’s stock price reaction is presented factually, with a $1.27 per share (17%) drop to $6.10 on June 23, followed by another $1.18 (19%) decline to $4.92 on June 24. The notice invites shareholders to contact Moore Law PLLC regarding potential legal claims, emphasizing the possibility of seeking monetary damages, governance reforms, and reimbursement at no cost under a contingency fee arrangement. The tone is procedural and focused on shareholder rights rather than defending the partnership or addressing the report's substance.

What the data suggests

The disclosed figures show Hyliion's proposed partnership with VFG Holdings was valued at $133 million and involved up to 250 KARNO Cores over five years. The market reacted sharply to the Pelican Way Research report, with Hyliion's stock dropping $1.27 per share (17%) to $6.10 on June 23, 2026, and a further $1.18 (19%) to $4.92 on June 24, totaling a loss of over 32% in two days. The report's concerns centered on VFG Holdings' limited operational history, only four employees, and questionable financial resources, as evidenced by its recent incorporation and minimal web presence. No operational, revenue, or profitability metrics for Hyliion or VFG are disclosed beyond the transaction value and share price moves. The data supports a narrative of severe market skepticism about the partnership's feasibility and VFG's ability to deliver. The legal notice offers potential remedies to shareholders but does not quantify likely recoveries or outcomes.

Analysis

The announcement is a legal notice to shareholders following a critical research report and does not contain promotional or exaggerated language regarding Hyliion's business prospects. The only forward-looking statements relate to potential legal remedies for shareholders, not to operational or financial performance. The summary and key claims are factual, focusing on the publication of the report, the non-binding nature of the previously announced letter of intent, and the subsequent stock price declines. There is no attempt to inflate the company's prospects or downplay the seriousness of the situation. No large capital outlay is being promoted as imminent, and no timeline for benefit realization is discussed. The gap between narrative and evidence is minimal, as the announcement is procedural and informational rather than aspirational.

Risk flags

• ●Counterparty risk is acute: VFG Holdings was incorporated only in January 2026, has just four employees, and maintains a barely functioning website, raising serious doubts about its capacity to execute a $133 million transaction. This lack of operational track record and infrastructure increases the likelihood that the partnership will not deliver the intended value.
• ●Market confidence has deteriorated sharply, as evidenced by a two-day, 32% drop in Hyliion's share price following the report. Such a rapid loss of value signals that investors view the partnership and its prospects as highly questionable, which could impair Hyliion's ability to raise capital or pursue future deals.
• ●Legal and governance risks are now elevated. The notice solicits shareholder participation in potential legal action, suggesting possible monetary damages, governance reforms, and reimbursement. The outcome and timeline of such actions are highly uncertain and could distract management or result in further reputational damage.
• ●Disclosure risk is present: the announcement provides no substantive response to the report's concerns or evidence of due diligence on VFG Holdings. The absence of operational, financial, or contractual detail about the partnership leaves investors with limited information to assess the true risk and upside.

Bottom line

Hyliion Holdings Corp. faces a crisis of confidence after a critical research report questioned the credibility of its $133 million proposed partnership with VFG Holdings, a company with minimal operational history and resources. The market's reaction was swift and severe, erasing over 32% of Hyliion's value in just two days. The legal notice invites shareholders to consider action for damages or governance reforms, but provides no timeline or assurance of recovery. The lack of substantive company response or evidence addressing the report's claims leaves major uncertainties about the partnership's viability and Hyliion's near-term prospects. Investors should focus on whether Hyliion can provide credible evidence of VFG's capabilities or secure alternative partnerships; until then, the most important takeaway is that the company's risk profile has materially increased.

Announcement summary

(NYSE:HYLN) Hyliion Holdings Corp. was the subject of a report published by Pelican Way Research on June 23, 2026, which questioned the commercial viability of Hyliion's announced partnership with VFG Holdings. Hyliion had previously disclosed a non-binding letter of intent with VFG Holdings for the potential deployment of up to 250 KARNO Cores over a five-year period. The proposed transaction was valued at approximately $133 million. The Pelican Way Research report raised concerns regarding VFG Holdings' operational capabilities, financial resources, and development experience necessary to execute the transaction. The report noted that VFG Holdings had been incorporated on January 5, 2026, appeared to have only four employees, and maintained a barely functioning website. It also questioned VFG's funding history and its capacity to support the proposed partnership. Following the publication of the report, Hyliion's stock price fell $1.27 per share, or approximately 17%, closing at $6.10 per share on June 23, 2026. The next day, as the market continued to absorb the report, Hyliion's stock price declined another $1.18 per share, or approximately 19%, closing at $4.92 per share on June 24, 2026. Shareholders of Hyliion Holdings Corp. are invited to contact Fletcher Moore at Moore Law PLLC regarding potential legal claims. The notice states that shareholders may be able to seek monetary damages, corporate governance reforms, reimbursement to the company, and a court-approved incentive award at no cost. All representation is on a contingency fee basis, with shareholders paying no fees or expenses.

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