NEW YORK, Feb. 11 2022 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed on behalf of purchasers of Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp. (“ELMS” or the “Company”) (NASDAQ: ELMSW) (NASDAQ: FIII) (NASDAQ: FIIIU) (NASDAQ: FIIIW) who acquired shares between March 31, 2021 and February 1, 2022 inclusive (the “Period appeal”).
All investors who purchased the shares of Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp. and losses incurred are requested to contact the company immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You can get additional information about the action or join the case on our website www.whafh.com.
If you have suffered losses in Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp., you can, no later than April 4, 2022, ask the Court to name you as the lead plaintiff in the proposed class. Please contact Wolf Haldenstein to find out more about your rights as an investor.
PLEASE CLICK HERE TO JOIN THE CASE
On February 1, 2022, Electric Last Mile Solutions announced that certain executives had resigned, stating: “James Taylor, has resigned as CEO and member of the Board of Directors. Additionally, Brian Krzanich was named non-executive chairman of the board, replacing Jason Luo, who also stepped down as executive chairman of the board. The departures follow an investigation by a special committee of the board of directors (the “Special Committee”).”
In addition, the Company has acknowledged, “Based on the Special Committee’s investigation, the Board has concluded that the Company’s previously issued consolidated financial statements should be restated and, therefore, should no longer be relied upon. The financial statements in question cover the period to 31 December 2020, the period from August 20, 2020 (inception) to December 31, 2020, the six months ended June 30 and the nine months ended September 30, 2021. In connection with this conclusion, the Company, with its advisors, evaluates the the recording and treatment of certain share issues to senior management Although the Company cannot, at this time, estimate when it will file its restated financial statements for these periods, it is diligently pursuing the completion of the restatement, including with respect to an assessment of the company’s financial statement reserves for tax payments and contingencies.”
On this news, ELMS stock fell sharply in intraday trading on February 2, 2022, the following trading day, on an unusually high trading volume, damaging investors.
Wolf Haldenstein has extensive experience in prosecuting securities class action and derivative litigation in state and federal trial and appellate courts across the country. The firm has lawyers in various practice areas; and offices in New York, Chicago and San Diego. This firm’s reputation and expertise in shareholder litigation and other class actions have been repeatedly recognized by the courts, which have appointed it to major positions in complex, multi-district and consolidated securities litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please contact Wolf Haldenstein immediately by phone at (800) 575-0735, by email at classmember@whafh.com, or visit our site Web at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Business and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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