ELMS DEADLINE ALERT: Hagens Berman, National Trial

SAN FRANCISCO, April 02, 2022 (GLOBE NEWSWIRE) — Hagens Berman urges Electric Last Mile Solutions, Inc. (NASDAQ: ELMS) investors and Forum Merger III Corporation (NASDAQ: FIII, FIIIU, FIIIW) investors with significant losses to submit your losses now. A securities class action lawsuit has been filed.

Class period: March 31, 2021 – February 1, 2022
Lead Applicant Deadline: April 4, 2022
To visit: https://www.hbsslaw.com/investor-fraud/ELMS
Contact a lawyer now: [email protected]

Electric Last Mile Solutions, Inc. (ELMS) Securities Class Action:

The litigation concerns the admitted false financial statements of Electric Last Mile.

The Complaint alleges that the Defendants misrepresented and concealed that: (1) financial statements previously released by ELMS were false; (2) the company’s financial statements required restatement; (3) certain officers or directors of ELMS have purchased ELMS securities at substantial discounts in the market without first obtaining independent valuations; and (4) the company’s board of directors had formed a special committee on November 25, 2021 to investigate the purchases.

On February 1, 2022, Electric Last Mile announced the formation of the Special Committee on November 25, 2021 and that: (1) the previously released financial statements as of December 31, 2020 and the period from August 20, 2020 (inception) through August 31, December 2020 should be restated and no longer invoked; (2) its financial statements as at and for the six months ended June 30, 2021 and the nine months ended September 30, 2021 should no longer be relied upon; (3) stock issuances to co-founder Jaxon Luo and CEO James Taylor were at significant discounts and the related accounting treatment is still being assessed; and, (4) Luo and Taylor have resigned effective immediately. The special committee noted that Luo and Taylor’s responses to the committee are considered inconsistent with the documents reviewed by him and his attorney.

Most recently, on March 11, 2022, the company announced that the SEC had opened an investigation.

These events caused the company’s share price to plummet.

“We are focused on investor losses and evidence that Electric Last Mile insiders engaged in accounting fraud by underreporting stock issuances to themselves,” said Reed Kathrein, the associate of Hagens Berman leading the investigation.

If you have invested in Electric Last Mile Solutions and are suffering significant losses or have knowledge that may help the company’s investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Individuals with nonpublic information regarding Electric Last Mile Solutions should consider their options for assisting in the investigation or taking advantage of the SEC’s Whistleblower Program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30% of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected]

About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities nationwide and more than eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. To learn more about the company and its successes, visit hbsslaw.com. For the latest news, visit our writing or follow us on Twitter at @classactionlaw.

Reed Kathrein, 844-916-0895

Comments are closed.