GlobeNewswire Inc | Feb 24, 2021 12:06PM EST

February 24, 2021

NEW YORK, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Workhorse Group, Inc. (Workhorse or the Company) (NASDAQ: WKHS).

The United States Postal Services next generation delivery vehicle (NGDV) search to replace its aging fleet of more than 200,000 trucks was conducted over a number of years. Final bids were submitted on July 14, 2020.

In a July 21, 2020 article published by Benzinga, Steve Schrader, Workhorses CFO, provided an update on the USPS contract estimated to be worth $6 billion. According to the article, Schrader said he cant discuss too much about the process at this point, but Workhorse is the only all-electric option and Schrader reportedly stated [w]hat I will say is our all-electric is probably the perfect vehicle for them. . . .

Then, on February 23, 2021, USPS awarded its contract to finalize the design of the NGDV and assemble 50,000 to 165,000 vehicles over 10 years to Oshkosh Defense, beating electric-vehicle maker Workhorse. According to the USPS press release, the vehicles will be equipped with either fuel-efficient internal combustion engines or battery electric powertrains and can be retrofitted to keep pace with advances in electric vehicle technologies.

On February 23, 2021, following the news that Workhorse was passed over for the USPS contract, Workhorse shares fell by more than 47%, about $14.9 per share, to close at $16.465 per share on February 23, 2021.

If you purchased or otherwise acquired Workhorse securities and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:

Frederic S. Fox KAPLAN FOX & KILSHEIMER LLP 850 Third Avenue, 14th Floor New York, New York10022 (646) 315-9003 E-mail: ffox@kaplanfox.com

Laurence D. King KAPLAN FOX & KILSHEIMER LLP 1999 Harrison Street, Suite 1560 Oakland, California 94612 (415) 772-4704 Fax: (415) 772-4707 E-mail: lking@kaplanfox.com