The scrutiny follows a June 23 report from Pelican Way Research, which characterized Hyliion as a failing venture and cast doubt on a non-binding letter of intent (LOI) with VFG Holdings. The deal, involving 250 KARNO Cores, represents roughly one-third of Hyliion’s stated $400 million pipeline. Pelican Way alleged that VFG Tech Holdings, LLC lacks the operational substance, funding, and headcount required to fulfill such a significant order, noting the company was incorporated only months prior in January 2026.

Johnson Fistel is now evaluating whether Hyliion misled investors regarding the commercial validity of this agreement. The firm, which specializes in shareholder rights litigation and recovered over $90 million for clients in 2024, is inviting investors who incurred losses to participate in the review of the company’s disclosures. Those interested in the investigation may contact Jim Baker at (619) 814-4471 or via email.