SAN DIEGO & EUGENE, Ore.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Arcimoto, Inc. (NASDAQCM: FUV) have filed a class action complaint against the company's officers and directors for alleged misrepresentations and omissions made during the company's initial public offering ("IPO") on September 21, 2017. Arcimoto is attempting to make a three-wheeled electric vehicle.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/arcimoto-inc
Arcimoto Accused of Making Materially False and Misleading Statements in Connection With its IPO
According to the complaint, Arcimoto materially misled the investing public regarding its ability to deliver vehicles to paying customers and failed to disclose that commercial production was not feasible due to the company's inability to produce a safe, reliable, and properly working product. On July 31, 2017, Arcimoto priced its IPO at $6.50 per share. Between August and September 20, 2017, Arcimoto engaged in a six-week multi-city roadshow to market its common stock to the investing public, raising more than $19 million through the sale of nearly three million shares of common stock. Following the IPO, investors learned that Arcimoto had only delivered one vehicle to a paying customer during the second half of 2017 and was in no position to begin mass production as it had no facility capable of scaled production. The stock now trades at around $3 per share, less than half the price investors paid in the IPO.
Arcimoto Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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