CINCINNATI, Oct. 27, 2022 (GLOBE NEWSWIRE) — Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse‘ or ‘the company’)a US technology company focused on accelerating the transition to zero-emission commercial vehicles, announced today that it has signed binding term sheets resolving the previously announced securities-related class action lawsuit filed in the United States District Court for the Central District of California Pending shareholders’ related derivatives lawsuits are pending in the Central District of California, the United States District Court for the District of Nevada, the State District Court of Nevada and certain other jurisdictions.

The Settlement Class in the Class Action consists of purchasers of Workhorse stock or other securities between March 10, 2020 and May 10, 2021 who are seeking damages under the federal securities laws for statements made by Workhorse during that period. Under the terms of the class action settlement and to resolve all claims, Workhorse will pay $15 million in cash, funded entirely by proceeds of available insurance, and $20 million, payable in Workhorse stock. Under the terms of the Shareholder Derivatives Measures Settlement, the Company will adopt and/or agree to continue to maintain a number of corporate governance changes related to the Company’s compliance program and internal controls. The Settlements will contain no admission of liability, wrongdoing or responsibility by any defendant (including Workhorse) and a full indemnification of all defendants. The settlements are subject to final documentation, public notice and court approval by the Central District of California (for the class action) and the State District Court of Nevada (for the shareholder derivatives actions).

About Workhorse Group Inc.

Workhorse is a technology company focused on providing drone-integrated electric vehicles for the last-mile delivery sector. As an American Original Equipment…