GlobeNewswire Inc | Feb 24, 2021 04:38PM EST

February 24, 2021

NEW YORK, Feb. 24, 2021 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against Workhorse Group, Inc. (Workhorse or the Company) (NASDAQ: WKHS). The investigation focuses on whether the Company and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

Workhorse submitted a bid to participate in the United States Postal Services next generation delivery vehicle (NGDV) search, which would replace an aging fleet of more than 200,000 trucks. 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. . . .

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 $14.87 per share, or approximately 47.45%, from $31.34 per share to close at $16.47 per share on February 23, 2021.

If you purchased or otherwise acquired Workhorse securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firms efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLPs website: http://www.kmllp.com.

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

ContactsKirby McInerney LLPThomas W. Elrod, Esq.212-371-6600 https://www.kmllp.cominvestigations@kmllp.com