NEWTOWN, Pa., June 25, 2023 (GLOBE NEWSWIRE) — The law firm of Edelson Lechtzin LLP urges purchasers of Electric Last Mile Solutions (“ELMS” or the “Company”) ELMSQ common stock to consult an experienced securities fraud attorney about the private investment in public equity (“PIPE”) offering conducted by Electric Last Mile on or about December 10, 2020.
Investors who purchased Electric Last Mile Solutions, Inc. common stock may move the U.S. District Court for the District of Delaware to appoint them as lead plaintiff, no later than August 14, 2023. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at elechtzin@edelson-law.com. A copy of the class action complaint can be viewed HERE.
Background on Last Mile Solutions, Inc.
Electric Last Mile Solutions was a company that produced commercial electric vehicles with the aim of ushering in a new era where commercial vehicles are environmentally friendly and customized to improve business efficiency and profitability. They have since filed for bankruptcy. Their first product, the Urban Delivery, was expected to be the first Class 1 commercial electric vehicle available in the United States. Prior to its delisting, ELMS was a publicly traded company created through the June 25, 2021 merger of a privately held company called Electric Last Mile, Inc. (“ELM”) and a publicly traded special purpose acquisition company (“SPAC”), then called Forum Merger III Corporation (“FIII”).
The Securities Fraud Claims
The complaint alleges, that throughout the Class Period, Defendants made materially false and/or misleading statements regarding the Company’s business, operations, and prospects and/or failed to disclose that: (i) Before the PIPE Offering, Jason Luo, James Taylor, and other senior members of Electric Last Mile’s management bought Electric Last Mile common stock at prices significantly lower than its market value; (ii) Electric Last Mile failed to properly record the…
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