![]() Dauch has further stated his intention to cooperate with the government on future electric vehicles (EV), rather than challenge it through litigation. ![]() Reportedly, Dauch sees multiple business opportunities for Workhorse’s last-mile delivery trucks and drone system, and wants to kindle the company’s focus on taking advantage of those. The dismissal of the lawsuit comes from Workhorse’s newly-appointed CEO, Rick Dauch, who took over just six weeks ago, following several quarters of the company not achieving production targets. Workhorse’s decision to withdraw the suit comes just two weeks after a short-selling research firm published a report on the start-up, alleging fraud and accusing the company of hiding a Securities and Exchange Commission (SEC) investigation from investors. Nonetheless, the picture seems to have suddenly changed with Workhorse deciding to abruptly drop the suit. Also, Workhorse claimed that the Postal Service unfairly blamed its truck for a mishap that injured a worker evaluating the prototype. Workhorse called the USPS' decision "arbitrary, capricious, and without rational basis". Court of Federal Claims in mid-June, against the USPS’ decision to award the contract to Oshkosh. This was followed by Workhorse filing a suit in the U.S. However, this February, Workhorse lost the long-awaited USPS’ multibillion-dollar contract for the next mail truck to rival Oshkosh, ending a contest that started in 2015. Workhorse was one of the few companies that went into the final stage of the bidding process. The USPS set out to replace its current mail trucks in 2015, in an effort to make the fleet more fuel efficient and give mail carriers state-of-the-art facilities, like advanced safety features and air conditioning. The court accepted Workhorse’s dismissal late Tuesday - just a day before the first oral arguments on the USPS’s motion to dismiss the suit were scheduled to commence. ![]() WKHS recently announced that it is voluntarily withdrawing its lawsuit protesting the United States Postal Service’s (USPS) decision to let Oshkosh’s OSK Defense arm build the next-generation mail truck. Workhorse's stock has now lost 39.0% over the past three months, while Oshkosh shares have rallied 26.Workhorse Group Inc. "We will continue to follow the proper due course procedures as defined by the USPS and will also look to other options available to us." He said legal and corporate advisory firms were retained to identify and pursue its options. "Yesterday's meeting with the USPS marked the first step in what we expect may be a prolonged process to explore our options and possibly pursue further action related to our NGDV bid," said Chief Executive Duane Hughes. 23 to $16.46, and the stock has lost another 18.2% since then, putting it on track for the lowest close since June 26, 2020. Missing out on the USPS contract had sent Workhorse's stock plunging 47.5% on Feb. The stock tumbled 9.7% toward a more-than 8-month low in afternoon. Workhorse said it can't disclose details of the discussion at this time, but said it plans to share information when permitted. Postal Service representatives on March 3, to discuss why the electric vehicle maker missed out on a Next Generation Delivery Vehicle contract, which was awarded to Oshkosh Corp.
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