NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that purchased Arcimoto, Inc. (NASDAQ: FUV) securities between February 14, 2018 and March 22, 2021, inclusive (the “Class Period”). Investors have until June 18, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On March 23, 2021, Bonitas Research published a report (“Bonitas Report”) revealing that Arcimoto had misled the investing public by fabricating its preorders. The Bontias Report further revealed that Arcimoto’s largest customer, R-KeyMoto, LLC, was an undisclosed related party. The Bonitas Report additionally revealed issues regarding Arcimoto’s alleged partnership with HULA.
On this news, Arcimoto’s stock price fell $1.10 per share, or approximately 6.56%, to close at $15.67 per share on March 23, 2021.
The complaint, filed on April 19, 2021, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the preorders of Arcimoto’s Fun Utility Vehicles (“FUVs”) were fabricated or never completed, with only 19 units delivered out of an alleged preorder of 422; (2) Arcimoto failed to disclose to customers that nearly 100% of its vehicles delivered were under safety recall; (3) Arcimoto’s largest customer, R-Key-Moto, was an undisclosed related party owned by insider FOD Capital, LLC; (4) Arcimoto’s partnership with HULA was an undisclosed related party transaction; and (5) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
If you purchased Arcimoto securities during the Class Period and suffered a loss, are a long term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.