LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Electric Last Mile Solutions, Inc. (“Electric Last Mile Solutions” or the “Company”) (NASDAQ: ELMS) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On February 1, 2022, Electric Last Mile Solutions announced that the Company would restate its previously issued financial statements from August 20, 2020 (inception) through December 31, 2020, including statements in the Company’s registration statement, and that the Company’s previously issued financial statements should no longer be relied upon. In connection with the restatement, the Company also announced the resignation of its CEO and its Executive Chairman. Following a Special Committee investigation into “certain sales of equity securities” made by and to individuals associated with the Company, Electric Last Mile Solutions determined that in November and December 2020, certain executives purchased equity in the Company “at substantial discounts to market value.”
On this news, Electric Last Mile Solutions’ stock price fell more than 28% during after-hours trading on February 1, 2022.
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If you purchased Electric Last Mile Solutions securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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