Johnson Fistel, PLLP said it is investigating potential federal securities law claims on behalf of investors in Hyliion Holdings Corp. (NYSE American: HYLN) after a June 23, 2026 short-seller report challenged the company's announced non-binding letter of intent, or LOI (preliminary non-binding deal), with VFG Holdings for up to 250 KARNO Cores. The firm said the report by Pelican Way Research argued that the proposed transaction represented about $133 million in potential revenue and roughly one-third of Hyliion's reported pipeline of more than $400 million, while questioning whether the arrangement offered meaningful commercial validation. Pelican Way also alleged that VFG, identified in the report as VFG Tech Holdings, LLC, was incorporated in January 2026, appeared to have four LinkedIn employees, maintained a minimal website, and showed no evidence of funding or operating scale to support an order of that size. Johnson Fistel said investors who purchased HYLN securities and suffered losses, as well as long-term holders, may contact the firm at no cost to discuss their legal rights.