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Spruce Power Holding Corporation

(NYSE: SPRU)

Rigrodsky Law, P.A. is investigating potential claims against the officers and directors of Spruce Power Holding Corporation, formerly known as XL Fleet Corp. ("XL" or the "Company"), on behalf of stockholders.  A class action complaint has been filed against XL.  The complaint alleges that defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, and prospects.  Specifically, defendants failed to disclose to investors that: (i) XL's salespeople were pressured to inflate their sales pipelines to boost the Company's reported sales and backlog; (ii) at least 18 of the 33 customers that XL featured were inactive and had not placed an order since 2019; (iii) XL's technology had been materially overstated and offered only 5% to 10% of fleet savings; (iv) XL lacks the supply chain and engineers to roll out new products on the announced timelines; and (v) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

Date of signing: 06/13/2024


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