The settlements of this federal securities fraud class action lawsuit are on behalf of investors who purchased or otherwise acquired Electric Last Mile Solutions, Inc. (“ELMS”) (NASDAQ: ELMS; ELMSW) f/k/a Forum Merger III Corp. (“Forum”) (NASDAQ: FIII; FIIIU; FIIIW) common stock between June 9, 2021 and February 1, 2022, inclusive (the “Class Period”).
Defendants Lou, Taylor, Li, Kiev, and Boris (collectively, the “Individual Defendants”) agreed to pay $2,700,000 (the “Individual Settlement”) to resolve claims alleging violations of federal securities laws by making false or misleading statements.
Defendant BDO USA, P.C. (“Defendant BDO”), agreed to pay $899,000 (“BDO Settlement”) to resolve claims alleging violations of federal securities laws by making false or misleading statements.
What’s the status of the Settlement?
On November 6, 2024, the Court granted Final Approval of the Class Action Settlement with the Individual Defendants. This action with respect to the Individual Defendants has concluded.
On March 3, 2026, the Court granted Preliminary Approval of the Class Action Settlement with Defendant BDO. There is a Final Settlement Hearing scheduled for June 16, 2026. The BDO Settlement website is active and open for claims.
Who can file a claim?
The settlement class includes all persons or entities who:
- Purchased or otherwise acquired ELMS common stock between June 9, 2021 and February 1, 2022, inclusive.
How much is the Settlement Payment?
Pro rata payment: The total Individual Settlement fund is $2,700,000, and the total BDO settlement fund is $899,000. The amount each class member receives will depend on several factors, including:
- The number of valid claims submitted
- The number of shares purchased and sold
- The dates of purchase and sale
- The price paid for the shares and the price received upon sale
How do I file a claim?
The deadline to file a claim for the Individual Settlement was August 30, 2024.
The deadline to file a claim for the BDO Settlement is May 26, 2026 by mail, or June 6, 2026 via the online claim form.
To submit a claim and/or to find additional information regarding the terms of the settlements and claim filing process, go to www.strategicclaims.net/ELMS/, or contact the claims administrator, Strategic Claims Services, at 1-866-274-4004.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.