Johnson Fistel joined Levi & Korsinsky in probing whether Hyliion misled investors about a $133 million VFG LOI, the credibility of the counterparty and concentration within its reported pipeline.
Johnson Fistel said it is investigating Hyliion Holdings on behalf of investors who suffered losses after a short-seller report questioned the company’s $133 million non-binding LOI with VFG Holdings for up to 250 KARNO Cores and whether that deal provided meaningful commercial validation. The new inquiry adds to an earlier investigation by Levi & Korsinsky after Hyliion shares fell about 13% to 17% in a single trading session following the report. Pelican Way Research’s June 23, 2026 report argued that the VFG LOI accounted for roughly one-third of Hyliion’s reported $400 million-plus pipeline and alleged that VFG, identified by the short seller as VFG Tech Holdings, LLC, had limited visible operating substance despite the size of the proposed order. Johnson Fistel said it is examining whether Hyliion complied with federal securities laws in light of those allegations. Earlier disclosures cited by Levi & Korsinsky remain part of the broader investor case, including Hyliion’s Q1 2026 10-Q stating that one unidentified customer accounted for 100% of quarterly revenue, management’s February 25, 2026 comments about nearly 500 units under non-binding letters of intent across multiple customers, and the absence of the VFG LOI from the company’s fiscal 2025 10-K filed the same day. Both law-firm releases focus on whether Hyliion’s statements about its pipeline, customer concentration and the status or significance of the VFG arrangement were misleading.