Lion Electric Shareholders Archive of Class Action Against the manufacturer

Montreal-The manufacturer of electric vehicles based in Quebec, Lion Electric Co., faces a collective claim of shareholders who claim that the company cheated investors and misrepresented their financial health.

The proposed demand affirms that Lion Electric Hid and details about its book of orders and production capabilities of investors.

Shareholders say that the alleged shares of the company led to great financial losses for them, claiming that when Lion Electric’s struggles became public, the shares lost 96 percent of their value in the stock exchanges of Toronto and New York .

Among those appointed in the lawsuit are directors, officers, auditors and subscribers of the company.

Lion Electric obtained the protection of its creditors in December and is looking for a buyer with a restructuring plan that would focus only on school buses and return all manufacturing to Quebec.

The accusations in class action, which was presented to the Superior Court of Quebec in Montreal on Friday, have not been tested and the claim has not yet been authorized.

Lion Electric was not immediately available to comment.

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This Canadian Press report was first published on February 24, 2025.