The legal inquiry follows a critical report from Pelican Way Research, which challenged the legitimacy of a non-binding letter of intent with VFG Holdings for 250 KARNO Cores. Analysts pointed out that VFG Tech Holdings was incorporated only months ago, maintains a minimal digital footprint, and lacks the operational substance required for a contract of such scale. This agreement accounted for roughly one-third of Hyliion’s reported $400 million pipeline.

Questions regarding corporate governance have intensified as financial filings reveal a stark disparity between performance and executive compensation. Between 2021 and 2025, Hyliion generated $8 million in cumulative revenue, while CEO Thomas Healy received $15.4 million in total pay. Robbins LLP is now evaluating potential securities law violations and breaches of fiduciary duty, inviting affected shareholders to participate in a contingency-based investigation.