NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether certain directors and officers of Forum Merger III Corporation (“FIII”) (NASDAQ: FIII); n/k/a Electric Last Mile Solutions, Inc. (“ELMS”) (NASDAQ: ELMS) breached their fiduciary duties to FIII’s shareholders. If you were an FIII shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982 or jpettigrew@scott-scott.com.
Scott+Scott is investigating whether FIII’s board of directors or executive officers breached their duties of disclosure, duties of candor, and requirements to act in good faith, and whether FIII’s shareholders suffered damages as a result.
On June 24, 2021, FIII shareholders of record as of May 20, 2021, approved a merger between FIII and ELMS.
On February 1, 2022, after the market closed, ELMS announced that certain ELMS executives had resigned following an investigation conducted by a Special Committee of the ELMS Board of Directors. Additionally, ELMS acknowledged that ELMS’s previously issued consolidated financial statements should be restated and, therefore, should no longer be relied upon. On March 11, 2022, ELMS announced that the Securities and Exchange Commission is conducting an investigation into matters discussed in previous ELMS filings, including disagreements with an accounting firm and compliance with NASDAQ’s listing rules.
The stock price has declined by over 88% since the merger, with shares currently trading at $1.17/share.
What You Can Do
If you were an FIII shareholder, you may have legal claims against FIII’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982 or jpettigrew@scott-scott.com.
About Scott+Scott
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.
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