PHILADELPHIA, Feb. 02, 2022 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. is investigating whether Electric Last Mile Solutions, Inc. ("Electric Last Mile" or the "Company") (NASDAQ: ELMS) violated federal securities laws.
Electric Last Mile Solutions Announces Non-Reliance On Financials
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 . . .."
On this news, the stock price of Electric Last Mile Solutions was down more than 25% in after-hours trading on February 1, 2022.
INVESTORS OF ELECTRIC LAST MILE SOLUTIONS WHO HAVE SUFFERED FINANCIAL LOSSES ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S “SECURITIES CLASS ACTION QUESTIONNAIRE.”
INVESTORS WITH FINANCIAL LOSSES ARE ALSO ENCOURAGED TO CONTACT EITHER JOHN KEHOE, ESQ., (215) 792-6676, EXT. 801, JKEHOE@KEHOELAWFIRM.COM, OR MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, MYARNOFF@KEHOELAWFIRM.COM, INFO@KEHOELAWFIRM.COM, TO DISCUSS THE ELECTRIC LAST MILE CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm, P.C. have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
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