NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Electric Last Mile Solutions, Inc. (“Electric Last Mile” or the “Company”) (NASDAQ: ELMS) on behalf of Electric Last Mile stockholders. Our investigation concerns whether Electric Last Mile has violated the federal securities laws and/or engaged in other unlawful business practices.
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On February 1, 2022, Electric Last Mile Solutions announced that certain executives had resigned, stating, “James Taylor, [] has resigned from his role as Chief Executive Officer and a member of the Board. In addition, Brian Krzanich has been appointed Non-Executive Chairman of the Board, replacing Jason Luo, who has also resigned from his position as Executive Chairman of the Board. The departures follow an investigation conducted by a Special Committee of the Board of Directors (the ‘Special Committee’).”
Additionally, the Company acknowledged, “on the basis of the Special Committee investigation, the Board concluded that the Company’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 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. In connection with this conclusion, the Company, together with its advisors, is evaluating the accounting and treatment of certain equity issuances to executive officers. Although the Company cannot, at this time, estimate when it will file its restated financial statements for such periods, it is diligently pursuing completion of the restatement, including with respect to an evaluation of the Company’s financial statement reserves for tax payments and contingencies.”
On this news, Electric Last Mile Solutions stock fell sharply after hours on February 1, 2022.
If you purchased or otherwise acquired Electric Last Mile shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker or Alexandra Raymond by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
