NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP is investigating potential claims against Electric Last Mile Solutions, Inc. (“Electric Last Mile Solutions” or the “Company”) (NASDAQ: ELMS). The investigation concerns whether Electric Last Mile Solutions has violated the federal securities laws and/or engaged in other unlawful business practices.
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, the price of Electric Last Mile Solutions shares declined by $2.88 per share, or approximately 51.5%, from $5.59 per share on February 1, 2022 to close at $2.71 per share on February 2, 2022.
If you purchased or otherwise acquired Electric Last Mile Solutions securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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