ELECTRIC LAST MILE SOLUTIONS, INC. F/K/A FORUM MERGER III CORP. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed against Electric Last Mile Solutions, Inc. in the United States District Court for the District of New Jersey

Friday, 18. February 2022 15:21

NEW YORK, Feb. 18, 2022 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a federal securities class action lawsuit has been filed on behalf of purchasers of Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp. ("ELMS" or the "Company") (NASDAQ: ELMSW) (NASDAQ: FIII) (NASDAQ: FIIIU) (NASDAQ: FIIIW) who acquired shares between March 31, 2021 and February 1, 2022, inclusive (the “Class Period”).

All investors who purchased the shares of Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website www.whafh.com.

If you have incurred losses in Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp., you may, no later than April 4, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor.

PLEASE CLICK HERE TO JOIN THE CASE   

On February 1, 2022, Electric Last Mile Solutions announced that certain executives had resigned, stating, "James Taylor, has resigned from his role as Chief Executive Officer and a member of the Board. In addition, Brian Krzanich has been appointed Non-Executive Chairman of the Board, replacing Jason Luo, who has also resigned from his position as Executive Chairman of the Board. The departures follow an investigation conducted by a Special Committee of the Board of Directors (the 'Special Committee')."

Additionally, the Company acknowledged, "on the basis of the Special Committee investigation, the Board concluded that the Company's previously issued consolidated financial statements should be restated and, therefore, should no longer be relied upon. The financial statements in question cover the period as of December 31, 2020, the period from August 20, 2020 (inception) through December 31, 2020, the six months ended June 30, and the nine months ended September 30, 2021. In connection with this conclusion, the Company, together with its advisors, is evaluating the accounting and treatment of certain equity issuances to executive officers. Although the Company cannot, at this time, estimate when it will file its restated financial statements for such periods, it is diligently pursuing completion of the restatement, including with respect to an evaluation of the Company's financial statement reserves for tax payments and contingencies."

On this news, ELMS stock fell sharply during intraday trading on February 2, 2022, the next trading day, on unusually heavy trading volume, damaging investors.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


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