NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether certain directors and officers of Acamar Partners Acquisition Corp. (“Acamar Partners”) (NASDAQ: ACAM), now known as CarLotz, Inc. (“CarLotz”) (NASDAQ: LOTZ), breached their fiduciary duties to Acamar Partners and its shareholders. If you were an Acamar Partners shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982 or email@example.com.
Scott+Scott is investigating whether Acamar Partners’s board of directors or senior management failed to manage Acamar Partners in an acceptable manner, in breach of their fiduciary duties to Acamar Partners shareholders, and whether Acamar Partners’s shareholders suffered damages as a result.
On October 21, 2020, Acamar Partners executed a merger agreement with the predecessor to CarLotz, with a December 21, 2020 record date for the shareholder vote. On January 21, 2021, the merger transaction closed, with CarLotz continuing as the successor entity.
On May 10, 2021, CarLotz reported the Company’s financial results for the first quarter of 2021. CarLotz reported a per-share loss of $0.15, missing the consensus earnings estimate of $0.01. Following this news, CarLotz’s stock price fell, closing down 14.44% on May 11, 2021.
Then on May 26, 2021, CarLotz revealed that the Company’s profit-sharing corporate vehicle sourcing partner had paused consignments. The sourcing partner accounted for more than 60% of the cars sold and sourced in the Company’s first quarter. Following this news, CarLotz’s stock price fell, closing down over 13% on May 26, 2021.
What You Can Do
If you were an Acamar Partners shareholder, you may have legal claims against Acamar Partners’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982 or firstname.lastname@example.org.
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Virginia, and Ohio.