Class Action Lawsuit Filed On Behalf Of Investors Who Purchased, Or Otherwise Acquired, The Securities Of Electric Last Mile Solutions, Inc. (“Electric Last Mile” or the “Company”) (NASDAQ: ELMS) Between March 31, 2021 And February 1, 2022, Both Dates Inclusive (the “Class Period”).
INVESTORS WHO PURCHASED, OR OTHERWISE ACQUIRED, THE SECURITIES OF ELECTRIC LAST MILE SOLUTIONS DURING THE CLASS PERIOD AND SUFFERED FINANCIAL LOSSES ARE ENCOURAGED TO DISCUSS JOINING THE CLASS ACTION LAWSUIT BY CLICKING JOIN THE SECURITIES CLASS ACTION OR SECURITIES CLASS ACTION QUESTIONNAIRE.
To view a copy of the class action complaint, please click Electric Last Mile Solutions Class Action Complaint.
Electric Last Mile Files Form 8-K Reporting Non-Reliance on Previously Issued Financial Statements
After the market closed for trading on February 1, 2022, Electric Last Mile filed a Form 8-K which, among other things, stated that “[o]n January 26, 2022, on the basis of the Special Committee investigation . . . the Board concluded that the previously issued consolidated financial statements of Electric Last Mile, Inc. as of December 31, 2020 and the period from August 20, 2020 (inception) through December 31, 2020 included in the Company’s Registration Statement on Form S-1 . . . (the ‘Audited Financial Statements’) should be restated and, therefore, should no longer be relied upon.”
Electric Last Mile also reported that “[i]n addition, the Board concluded that the Company’s financial statements as of and for the six months ended June 30, 2021 included in its Quarterly Report on Form 10-Q . . . filed on August 13, 2021 and the Company’s financial results as of and for the nine months ended September 30, 2021 included in its Quarterly Report on Form 10-Q . . . filed on November 12, 2021 should no longer be relied upon (together with the Audited Financial Statements, the ‘Non-Reliance Periods’).” [Emphasis added.]
On this news, the stock price of Electric Last Mile Solutions was down more than 21% in after-hours trading on February 1, 2022.
ELECTRIC LAST MILE INVESTORS WHO ACQUIRED THEIR SECURITIES DURING THE CLASS PERIOD AND SUFFERED FINANCIAL LOSSES ARE ALSO ENCOURAGED TO CONTACT JOHN KEHOE, ESQ., (215) 792-6676, EXT. 801, [email protected], [email protected], TO DISCUSS THE ELECTRIC LAST MILE CLASS ACTION LAWSUIT OR POTENTIAL LEGAL CLAIMS.