Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Lightning eMotors, Inc. (ZEV)

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming December 14, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Lightning eMotors, Inc. ("Lightning eMotors" or the "Company") (NYSE: ZEV) securities between May 7, 2021 and August 16, 2021 inclusive (the “Class Period”).

If you suffered a loss on your Lightning eMotors 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 https://www.glancylaw.com/cases/lightning-emotors-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [e-mail] to learn more about your rights.

On August 16, 2021, after the market closed, Lightning eMotors announced its second quarter 2021 financial results, reporting a net loss of $46.1 million, compared to a net loss of $2.8 million during the prior-year period. The Company also withdrew its fiscal 2021 guidance, stating that it “no longer expects to meet full year guidance” citing among other things “chassis production disruptions.”

On this news, the Company’s share price fell $1.63, or 16.93%, to close at $8.00 per share on August 17, 2021.

The complaint filed alleges that throughout the Class Period, the defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company would record a substantially greater net loss per share in the second quarter of 2021 compared to the second quarter of 2020 and would pull its full year guidance for the remainder of 2021; (2) accordingly, the Company materially overstated its financial position and/or prospects; and (3) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Lightning eMotors securities during the Class Period, you may move the Court no later than December 14, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [e-mail], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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