Labaton Sucharow, a nationally ranked and award-winning shareholder rights law firm, announces that it is investigating potential violations of the federal securities laws by Electric Last Mile Solutions, Inc. ("Electric Last Mile Solutions" or "the Company") (NASDAQ:ELMS).
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.
Investors who purchased the Company's securities between March 31, 2021 and February 1, 2022, inclusive (the ''Class Period''), are encouraged to contact the firm before April 4, 2022.
If you currently own stock or options in Electric Last Mile Solutions, Inc. and suffered a loss, click here to participate.
If you want to receive additional information and protect your investments free of charge, please contact David J. Schwartz using the toll-free number (800) 321-0476 or via email at david@labaton.com.
About the Firm
Labaton Sucharow LLP is one of the world's leading complex litigation firms representing clients in securities, antitrust, corporate governance and shareholder rights, and consumer cybersecurity and data privacy litigation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at labaton.com.
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Contacts
David J. Schwartz
(800) 321-0476
david@labaton.com
