| COMPANY |
Electric Last Mile Solutions, Inc. |
| COURT |
United States District Court for the District of New Jersey |
| CASE NUMBER |
22-cv-0054 |
| JUDGE |
The Honorable Michael E. Farbiarz |
| CLASS PERIOD |
March 31, 2021 - February 1, 2022 |
| SECURITY TYPE |
Securities |
Case Background:
This is a class action lawsuit on behalf of those who purchased or acquired Electric Last Mile Solutions, Inc. (“ELMS”) (NASDAQ: ELMS; ELMSW) f/k/a Forum Merger III Corp. (“Forum”) (NASDAQ: FIII; FIIIU; FIIIW) securities between March 31, 2021 and February 1, 2022, inclusive (the “Class Period”).
The complaint alleges that throughout the Class Period the 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 ELMS executives and/or directors purchased equity in ELMS at substantial discounts to market value without obtaining an independent valuation; (4) on November 25, 2021 (Thanksgiving), ELMS’s Board formed an independent Special Committee to conduct an inquiry into certain sales of equity securities made by and to individuals associated with ELMS; and (5) as a result, the defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On April 2, 2024, the Court issued an Order granting Lead Plaintiffs’ Motion for Preliminary Approval of Class Action Settlement and held a Settlement Hearing on September 20, 2024. On November 6, 2024, the Court approved the settlement which resolved the claims against the individual defendants but the action continued against BDOUSA, P.C. On February 21, 2025, Lead Plaintiffs filed a Motion for Preliminary Approval of a Class Action Settlement with the sole remaining defendant, BDOUSA, P.C.
Settlement Information for Settlement with Individual Defendants:
The deadline to file a claim was August 30, 2024. If you have any questions or need further information about this settlement, you may go to the following website:
www.strategicclaims.net/ELMS/, or you can contact the claims administrator, Strategic Claims Services at 1-866-274-4004.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.