NEW YORK, March 11, 2022 /PRNewswire/ -- Jakubowitz Law
announces that a securities fraud class action lawsuit has
commenced on behalf of shareholders of Electric Last Mile
Solutions, Inc. f/k/a Forum Merger III Corp. (NASDAQ: ELMS).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/electric-last-mile-solutions-inc-f-k-a-forum-merger-iii-corp-loss-submission-form/?id=24523&from=4
The lawsuit seeks to recover losses for shareholders who
purchased ELMS between March 31, 2021
and February 1, 2022.
Shareholders interested in acting as a lead plaintiff
representing the class of wronged shareholders have until
April 4, 2022 to petition the
court. Your ability to share in any recovery doesn't require that
you serve as a lead plaintiff.
According to a filed complaint, Electric Last Mile Solutions,
Inc. f/k/a Forum Merger III Corp. issued materially 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 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.
Jakubowitz Law is vigorous in pursuit of justice for
shareholders who have been the victim of securities fraud. Attorney
advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law