NEW YORK, March 10, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp. ("ELMS" or the "Company") (NASDAQ: ELMS) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of ELMS investors who were adversely affected by alleged securities fraud between March 31, 2021 and February 1, 2022. Follow the link below to get more information and be contacted by a member of our team:
https://www.zlk.com/pslra-1/electric-last-mile-solutions-inc-f-k-a-forum-merger-iii-corp-loss-submission-form?prid=24465&wire=4
ELMS investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) ELMS's previously issued financial statements were false and unreliable; (2) ELMS's earlier reported financial statements would need restatement; (3) certain ELMS executives and/or directors purchased equity in the Company at substantial discounts to market value without obtaining an independent valuation; (4) on November 25, 2021 (Thanksgiving), the Company's Board formed an independent Special Committee to conduct an inquiry into certain sales of equity securities made by and to individuals associated with the Company; and (5) 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.
WHAT'S NEXT? If you suffered a loss in ELMS during the relevant time frame, you have until April 4, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/elms-lawsuit-alert-levi--korsinsky-notifies-electric-last-mile-solutions-inc-fka-forum-merger-iii-corp-investors-of-a-class-action-lawsuit-and-upcoming-deadline-301499844.html
SOURCE Levi & Korsinsky, LLP
