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Johnson Fistel, Rosen investigate Hyliion over VFG LOI and June 23 stock drop

Johnson Fistel, Rosen investigate Hyliion over VFG LOI and June 23 stock drop

The law firms said they are examining potential securities claims after a short-seller report challenged a non-binding VFG deal tied to about $133 million of potential revenue and a 17.2% share decline.

Fact Check
All elements of the claim are confirmed by primary sources. The Johnson Fistel GlobeNewswire release confirms its investigation of Hyliion tied to the June 23, 2026 Pelican Way Research short report on the non-binding VFG LOI (~250 KARNO Cores, ~$133M potential revenue). The Rosen Law Firm BusinessWire and PRNewswire releases confirm Rosen's parallel investigation and specify the 17.2% share decline on June 23, 2026. Independent corroboration (Pomerantz, Morningstar) confirms the $133M VFG deal and short-seller report details. Every specific figure and date in the claim is directly supported.
Summary

Johnson Fistel, PLLP and Rosen Law Firm said they are investigating potential securities claims involving Hyliion Holdings Corp. after a June 23, 2026 short report by Pelican Way Research questioned the substance of Hyliion’s non-binding letter of intent with VFG Holdings for up to 250 KARNO Cores, which the company had said represented about $133 million in potential revenue. Johnson Fistel said the VFG LOI represented roughly one-third of Hyliion’s reported pipeline of more than $400 million, citing allegations that VFG, identified by Pelican Way as VFG Tech Holdings, LLC, was incorporated in January 2026 and appeared to have limited operating substance. Rosen said it is preparing a class action, and cited an Investing.com report that Hyliion shares fell 17.2% on June 23 after the short report; that article also said the customer agreement had previously helped drive the stock up about 150%.

Terms & Concepts
  • LOI: Letter of intent outlining proposed deal terms.
  • class action: A lawsuit filed on behalf of a group of investors with similar claims.
  • pipeline: Expected future business or potential deal backlog.