LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Electric Last Mile Solutions, Inc. (“Electric Last Mile” or “the Company”) (OTC: ELMSQ) for violations of the federal securities laws.
Investors who purchased the Company's common stock directly in the private investment in public equity (“PIPE”) offering conducted by Electric Last Mile on or about December 10, 2020 (the “PIPE Offering”), are encouraged to contact the firm before August 14, 2023.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at bschall@schallfirm.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Electric Last Mile’s senior executives and insiders purchased common stock at significant discounts in advance of the PIPE offering. The Company failed to record the difference between the fair market value of the shares and the price insiders actually paid as compensation. This failure had the result of inflating the Company’s financial performance. The Company would be forced to restate its financial results. Based on these facts, the Company’s public statements were false and materially misleading throughout the PIPE Offering period. When the market learned the truth about Electric Last Mile, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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