The scrutiny follows a short-seller report that questioned the credibility of a $133 million deal, which reportedly accounted for one-third of Hyliion’s total pipeline. In its Q1 2026 10-Q filing, the company disclosed that 100% of its quarterly revenue was derived from a single, unidentified customer. This concentration risk emerged alongside management's previous claims of a $400 million pipeline composed largely of non-binding agreements.

Legal representatives are now examining the accuracy of statements made by CEO Thomas Healy, specifically regarding the company's fiscal year 2025 10-K filing. That document, signed under Sarbanes-Oxley certification, omitted any mention of the $133 million AI-data-center letter of intent with VFG Holdings. Investors who suffered losses during this period are encouraged to contact Joseph E. Levi to evaluate potential legal claims.