Los Angeles, CA - (NewMediaWire) - March 25, 2022 - The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp. (“Electric Last Mile Solutions” or “the Company”) (NASDAQ: ELMS) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between March 31, 2021 and February 1, 2022, inclusive (the ''Class Period''), are encouraged to contact the firm before April 4, 2022.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Electric Last Mile Solutions’ financial statements were false and could not be relied on by the market. The Company would be forced to restate its prior financial statements. Company directors and executives purchased equity in the organization at significant discounts without an independent valuation. The Company’s Board of Directors formed an independent special committee on November 25, 2021, to probe the sale of equity from and to individuals associated with the Company. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Electric Last Mile Solutions, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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The Schall Law Firm
Brian Schall, Esq.,
The Schall Law Firm