LOS ANGELES, March 18, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming April 4, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp. (“ELMS” or the “Company”) ELMS securities between March 31, 2021 and February 1, 2022, inclusive (the “Class Period”).
If you suffered a loss on your ELMS investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/electric-last-mile-solutions-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On February 1, 2022, ELMS 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, ELMS determined that in November and December 2020, certain executives purchased equity in the Company “at substantial discounts to market value.”
On this news, the Company’s stock price fell $2.88, or 51%, to close at $2.71 per share on February 2, 2022.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) ELMS’s previously issued financial statements were false and unreliable; (2) ELMS’s earlier reported financial statements would need…