SAN FRANCISCO, April 02, 2022 (GLOBE NEWSWIRE) — Hagens Berman urges Electric Last Mile Solutions, Inc. ELMS investors and Forum Merger III Corporation FIII FIIIU, FIIIW))) investors with significant losses to submit your losses now. A securities class action has been filed.
Class Period: Mar. 31, 2021 – Feb. 1, 2022
Lead Plaintiff Deadline: Apr. 4, 2022
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Electric Last Mile Solutions, Inc. (ELMS) Securities Class Action:
The litigation focuses on Electric Last Mile’s admitted false financial statements.
The complaint alleges defendants misrepresented and concealed that: (1) ELMS’s earlier reported financial statements were false; (2) the company’s financial statements required restatement; (3) certain ELMS executives or directors purchased ELMS securities at substantial market discounts without first obtaining independent valuations; and, (4) the company’s board had formed a special committee on Nov. 25, 2021, to investigate the purchases.
On Feb. 1, 2022, Electric Last Mile announced the formation of the special committee on Nov. 25, 2021, and that: (1) previously issued financial statements as of Dec. 31, 2020 and the period from Aug. 20, 2020 (inception) through Dec. 31, 2020 should be restated and no longer relied on; (2) its financial statements as of and for the six months ended June 30, 2021 and the nine months ended Sept. 30, 2021 should no longer be relied on; (3) equity issuances to co-founder Jaxon Luo and CEO James Taylor were at significant discounts and the related accounting treatment is still under evaluation; and, (4) Luo and Taylor resigned effective immediately. The special committee noted Luo’s and Taylor’s responses to the committee are believed to be inconsistent with documents it and counsel reviewed.
Most recently, on Mar. 11, 2022, the company announced that the SEC has opened an investigation.
These events sent…
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