Pomerantz LLP is investigating claims on behalf of investors of Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corporation. Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether ELMS and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 1, 2022, during after-market hours, 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 (the “Board”), 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, certain Company executives, including Taylor, purchased equity in the firm at substantial discounts to the current market value without any independent valuation.
On this news, ELMS’s stock price fell $2.88 per share, or 51.52%, to close at $2.71 per share on February 2, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980