ClaimsFiler, a FREE shareholder information service, reminds investors that they have only until April 4, 2022 to file lead plaintiff applications in a securities class action lawsuit against Electric Last Mile Solutions, Inc. (“ELMS” or the “Company”) f/k/a Forum Merger III Corp. (NasdaqGS: ELMS, ELMSW, FIII, FIIIU, FIIIW), if they purchased the Company’s securities between March 31, 2021 and February 1, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of New Jersey.
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ELMS investors should visit us at https://claimsfiler.com/cases/nasdaq-elms/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
ELMS and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 2, 2022, post-market, the Company disclosed that C.E.O. James Taylor and Executive Chairman Jason Luo had resigned following a Special Committee investigation from which the Company had concluded that “in November and December 2020…certain Electric Last Mile Inc. executives purchased equity in the Company at substantial discounts to market value without obtaining an independent valuation,” and named Taylor and Luo as participants in the transactions. Further, the Company disclosed that its previously issued consolidated financial statements covering “the period as of December 31, 2020, the period from August 20, 2020 (inception) through December 31, 2020, the six months ended June 30, and the nine months ended September 30, 2021” should be restated and should no longer be relied upon.
On this news, shares of ELMS fell $2.88 per share, or 51%, to close at $2.71 per share on February 2, 2022, on unusually heavy trading volume.
The case is Hacker v. Electric Last Mile Solutions Inc., et al., 22-cv-545.
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