Boston, Massachusetts--(Newsfile Corp. - March 17, 2022) - Block & Leviton announces that a class action lawsuit has been filed against Electric Last Mile Solutions, Inc. (NASDAQ: ELMS) for securities law violations. Investors who purchased shares and have lost money are encouraged to contact the firmto learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/elms.
What is this all about?
After the market closed on February 1, 2022, Electric Last Mile Solutions, Inc. announced that the company's previously issued consolidated financial statements should be restated and no longer be relied upon. Board member Shauna McIntyre was named as interim CEO and President following the resignation of former CEO, James Taylor.
Taylor resigned after an investigation by a Special Committee of the Board of Directors found that in November and December of 2020, certain company executives, including Taylor, purchased equity in the firm at substantial discounts to the current market value without any independent valuation.
Shares of Electric Last Mile Solutions stock dropped more than 25% in after-hours trading on February 1, 2022.
Then on March 14, 2022, the company withdrew all previously issued business outlook and forward-looking statements following a production update and the disclosure of an SEC probe. On this news, shares of Electric Last Mile Solutions stock dropped more than 30% in intraday trading on March 14, 2022.
Who is eligible?
Anyone who purchased Electric Last Mile Solutions, Inc. stock between March 31, 2021 and February 1, 2022 is eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What should you do next?
The deadline to seek appointment as lead plaintiff is April 4, 2022. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at cases@blockleviton.com, or by phone at (617) 398-5600.
Why should you contact Block & Leviton?
Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email cases@blockleviton.com with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com
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