shares of fuelcell vehicle developer hyzon motors inc tumbled about 39 after the company said it is conducting an investigation into issues related to the timing of revenue recognition and that its prior financial statement cant be relied upon the company said thursday in a securities filing that its board has appointed a committee of independent directors to investigate the issues regarding revenue recognition timing as well as internal controls and procedures mostly pertaining to the companys china operations the committee is working with external advisers hyzon said the issues which include the recognition of revenue for the year ended dec 31 were brought to the attention of the board by company management hyzon said due to the investigation the company said it wont issue its quarterly earnings report before its aug 15 deadline we acknowledge the serious nature of this development and are working diligently with the assistance of outside legal and financial advisers to resolve this matter as quickly as possible the company said due to these findings financial statements and guidance previously issued by the company can no longer be relied upon separately the company said it has identified operational inefficiencies at hyzon motors europe bv its joint venture with holthausen clean technology investments bv the board has retained a thirdparty consulting firm to assist the board and management with reassessing hyzons global strategy and operations the company said shares fell more than 38 to 277 a share in afternoon trading the stock is now down 57 so far this year the disclosures also prompted some wall street analysts to revise their opinions on the stock dan ives and john katsingris analysts at wedbush downgraded the stock to neutral from outperform and lowered this price target to 3 a share there are more questions than answers at the moment with the myriad of issues identified in the filing that we fear could slow down the growth story of hyzon that was actually progressing well the last six months with this black cloud now over the story they wrote michael shlisky an analyst at da davidson also downgraded the stock to neutral from buy and cut his price target to 4 a share down from 12 write to will feuer at willfeuerwsjcom