Press release
Deadline on August 14th coming up in Lawsuit for Investors in Electric Last Mile Solutions, Inc. (OTC, ELMSQ, formerly NASDAQ: ELMS)
A Deadline is coming up on August 14, 2023 in the lawsuit for certain investors in Electric Last Mile Solutions, Inc.
Investors who purchased shares of Electric Last Mile Solutions, Inc. (OTC, ELMSQ, formerly NASDAQ: ELMS) have certain options and there are strict and short deadlines running. Deadline: August 14, 2023. Electric Last Mile Solutions, Inc. (OTC, ELMSQ, formerly NASDAQ: ELMS) stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the District of Delaware the plaintiff alleges on behalf of purchasers of Electric Last Mile Solutions, Inc. (OTC, ELMSQ, formerly NASDAQ: ELMS) common shares, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the defendants in the PIPE Offering made false and/or misleading statements and/or failed to disclose that defendants Jason Luo, James Taylor, and other senior members of Electric Last Mile's management had acquired Electric Last Mile common stock at substantial discounts to market value in transactions completed before the PIPE Offering, that the difference between the fair market value of the Electric Last Mile common stock sold in the pre-PIPE Offering transactions and the amount actually paid had not been properly recorded as compensation expense by Electric Last Mile, that the failure to record compensation expenses stemming from the pre-PIPE Offering transactions had the effect of substantially inflating Electric Last Mile's year-end 2020 financial performance and the pro forma year-end 2020 financial performance of the combined company, thereby understating expenses, net loss, and shareholders' deficit, that as a result, Electric Last Mile's historical financial statements could no longer be relied upon and would need to be restated, that the Electric Last Mile historical financial statements provided in proxy statements were not prepared in accordance with Generally Accepted Accounting Principles, and that BDO had failed to follow applicable laws, rules, and regulations regarding auditor independence in auditing the Electric Last Mile historical financials provided in proxy statements.
Those who purchased shares of Electric Last Mile Solutions, Inc. (NASDAQ: ELMS) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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