NEW YORK, March 23, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp. (“ELMS” or the “Company”) (NASDAQ: ELMS). A complaint has been filed on behalf of investors who purchased or otherwise acquired publicly traded ELMS securities between March 31, 2021 and February 1, 2022.
According to the complaint, on June 25, 2021, Electric Last Mile, Inc. and Forum Merger III Corp., a special purpose acquisition company (“SPAC”), closed the merger that resulted in ELMS.
On February 1, 2022, after the market closed, ELMS announced that certain of the Company's previously issued consolidated financial statements should be restated and no longer be relied upon. ELMS also disclosed that a member of the Company's Board of Directors, Shauna McIntyre, was named interim Chief Executive Officer ("CEO") and President following the resignation of former CEO, James Taylor ("Taylor"). According to the Company, Taylor resigned after an investigation by a Special Committee of the Board found that, in November and December of 2020, shortly before the Company’s December 10, 2020 announcement of a definitive agreement for a business combination with Forum Merger III Corp., certain Company executives, including Taylor, purchased equity in the firm at substantial discounts to the current market value without any independent valuation.
Following this news, ELMS shares fell $2.88 per share, or 51.52%, to close at $2.71 per share on February 2, 2022.
If you are a member of the proposed Class, you may move the court no later than April 4, 2022 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(212) 687-1980
E-mail: dhall@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
