Electric Last Mile Solutions, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
On February 1, 2022, after regular market trading hours, Electric Last Mile revealed that its previously issued financial statements should no longer be relied upon as the company would be restating its previously issued financial statements from August 20, 2020 (inception) through December 31, 2020, including statements in Electric Last Mile’s registration statement. Electric Last Mile also announced the resignations of defendants James Taylor and Jason Luo, the company’s co-founders and CEO and Executive Chairman, respectively. In addressing their resignations, Electric Last Mile revealed that following an investigation by a Special Committee of the Board of Directors into “certain sales of equity securities” made by and to individuals associated with the company, Electric Last Mile determined that in November and December 2020, certain executives purchased equity in the company “at substantial discounts to market value” without any independent valuation.
Following this news, Electric Last Mile’s share price fell $2.88 per share, or 51%, to close at $2.71 per share on February 2, 2022.
