PR Newswire
NEW YORK, Feb. 18, 2022 /PRNewswire/ — Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp. (NASDAQ: ELMS).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/electric-last-mile-solutions-inc-f-k-a-forum-merger-iii-corp-loss-submission-form/?id=23815&from=4
The lawsuit seeks to recover losses for shareholders who purchased ELMS between March 31, 2021 and February 1, 2022.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until April 4, 2022 to petition the court. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
According to a filed complaint, Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp. issued materially false and/or misleading statements and/or failed to disclose that: (1) ELMS’s previously issued financial statements were false and unreliable; (2) ELMS’s earlier reported financial statements would need restatement; (3) certain ELMS executives and/or directors purchased equity in the Company at substantial discounts to market value without obtaining an independent valuation; (4) on November 25, 2021 (Thanksgiving), the Company’s Board formed an independent Special Committee to conduct an inquiry into certain sales of equity securities made by and to individuals associated with the Company; and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law
