Recent Securities Litigations

Electric Last Mile Solutions Inc. Class A Common stock (NASDAQ: ELMS)

Company Name:Electric Last Mile Solutions Inc. Class A Common stock
Stock Symbol:NASDAQ: ELMS
Class Period Start:11/12/2020
Class Period End (inclusive):02/01/2022

The Complaint alleges that Defendants made materially false and misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects during the Class Period. Specifically, Defendants made 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 EMLS 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.