NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have 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.
What You May Do
If you purchased securities of ELMS and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-elms/ to learn more. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by April 4, 2022.
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 Hacker v. Electric Last Mile Solutions Inc., et al., 22-cv-545.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
