DEADLINE: Investors in Electric Last Mile Solutions, Inc. with Substantial Losses Have Opportunity to File Class Action

SAN DIEGO, February 5, 2022 /PRNewswire/ — The law firm of Robbins Geller Rudmann & Dowd LLP announces that the acquirers of Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp. (NASDAQ: ELMS; ELMSW) traded securities between March 31, 2021 and February 1, 2022inclusively (the “Class Period”) have until April 4, 2022 to seek appointment as lead applicant in Hacker vs. Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp., no. 22-cv-00545 (DNJ). Started on February 3, 2022the Electric last mile The class action accuses Electric Last Mile and some of its top executives of violating the Securities Exchange Act of 1934.

If you have suffered substantial losses and wish to act as the lead plaintiff of the Electric last mile class action, please provide your information by clicking here. You can also contact a lawyer JC Sanchez of Robbins Geller Rudman & Dowd LLP by calling 800/449-4900 or emailing [email protected]. Principal Applicant’s Requests for Electric last mile class action must be filed with the court no later than April 4, 2022.

CASE ALLEGATIONS: Electric Last Mile claims to be a pure-play commercial electric vehicle company. At June 25, 2021, Electric Last Mile, Inc. and Forum Merger III Corp., a special purpose acquisition company (“SPAC”) or blank check company, have completed the merger that resulted in Electric Last Mile. Prior to the merger, Electric Last Mile’s securities traded on NASDAQ under the ticker symbols FIII, FIIIU and FIIIW.

the Electric last mile The class action alleges that, throughout the class action period, the defendants made false and misleading statements and failed to disclose that: (i) the financial statements previously released by Electric Last Mile were false and unreliable; (ii) Electric Last Mile’s previously released financial statements would need to be restated; (iii) certain officers and/or directors of Electric Last Mile purchased shares of Electric Last Mile at substantial discounts to market value without obtaining an independent valuation; (iv) the November 25, 2021, the board of directors of Electric Last Mile has formed an independent special committee to conduct an investigation into certain sales of equity securities made by and to persons associated with Electric Last Mile; and (v) as a result, defendants’ statements regarding its business, operations and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.

At February 1, 2022Electric Last Mile revealed that “Shauna McIntyrea member of [Electric Last Mile’s] Board of Directors, was named Chief Executive Officer and Interim President, succeeding James Taylor, who resigned as CEO and member of the Board of Directors. In addition, Brian Krzanich was appointed Non-Executive Chairman of the Board of Directors, replacing Jason Luo, who also resigned as executive chairman of the board. The departures follow an investigation by a special committee of the board of directors (the “special committee”). “Electric Last Mile further revealed that”[b]based on the special committee’s investigation, [Electric Last Mile] concluded that in November and December 2020shortly before [Electric Last Mile’s] December 10, 2020 announcement of a definitive agreement for a business combination with Forum Merger III Corporation, certain executives of Electric Last Mile Inc. purchased shares in [Electric Last Mile] at substantial discounts to market value without obtaining an independent appraisal.” Electric Last Mile also revealed that “on January 26, 2022based on the Special Committee’s investigation, the Board has concluded that [Electric Last Mile’s] previously issued consolidated financial statements should be restated and therefore should no longer be relied upon. The financial statements in question cover the period from December 31, 2020the period of August 20, 2020 (creation) until December 31, 2020the six months ended June 30thand the nine months ended September 302021.” At this news, Electric Last Mile’s stock price fell around 51%, hurting investors.

Robbins Geller launched a dedicated SPAC working group to protect investors in blank check companies and seek redress for corporate wrongdoing. Comprised of experienced litigators, investigators and forensic accountants, the SPAC Task Force is dedicated to researching and prosecuting fraud on behalf of aggrieved SPAC investors. The rise of blank check funding presents unique risks for investors. Robbins Geller’s SPAC Task Force represents the forefront of ensuring integrity, honesty and fairness in this rapidly developing area of ​​investment.

THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Electric Last Mile securities during the Class Period to seek appointment as lead plaintiff in the Electric last mile class action. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action. The lead plaintiff may select a law firm of their choice to litigate the class action. An investor’s ability to share in any potential future class action recoveries does not depend on its status as lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions. Robbins Geller’s lawyers have secured many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Dry. Dispute. The 2020 ISS Securities Class Action Services Top 50 report ranked Robbins Geller first for his recovery $1.6 billion for investors that year, more than double the amount recovered by any other securities plaintiff company. Please visit http://www.rgrdlaw.com for more information.

Lawyer advertisement.
Past results do not guarantee future results.
Services can be performed by attorneys in any of our offices.

Contact:

Robbins Geller Rudmann & Dowd LLP
655 W. Broadway, San DiegoCA 92101
JC Sanchez, 800-449-4900
[email protected]

https://www.linkedin.com/company/rgrdlaw
https://twitter.com/rgrdlaw
https://www.facebook.com/rgrdlaw

SOURCE Robbins Geller Rudman & Dowd LLP

About Robert Pierson

Check Also

Will Porsche’s IPO be as popular as its sports cars?

People love Porsche’s cars, but will they love its stock? volkswagen (VWAGY), the world’s largest …