(ELMS) News: Did You Lose Money on Your Electric Last Mile Solutions Investment? Contact Johnson Fistel Regarding Class Action Investigation

San Diego, California--(Newsfile Corp. - February 1, 2022) - Shareholder rights law firm Johnson Fistel, LLP is investigating potential violations of federal securities laws by Electric Last Mile Solutions, Inc. (NASDAQ: ELMS).

On February 1, 2022, Electric Last Mile Solutions announced that certain executives had resigned. The Company stated, "James Taylor, who has resigned from his role as Chief Executive Officer and a member of the Board. In addition, Brian Krzanich has been appointed Non-Executive Chairman of the Board, replacing Jason Luo, who has also resigned from his position as Executive Chairman of the Board. The departures follow an investigation conducted by a Special Committee of the Board of Directors (the 'Special Committee')."

Additionally, the Company acknowledged, "on the basis of the Special Committee investigation, the Board concluded that the Company's previously issued consolidated financial statements should be restated and, therefore, should no longer be relied upon. The financial statements in question cover the period as of December 31, 2020, the period from August 20, 2020 (inception) through December 31, 2020, the six months ended June 30, and the nine months ended September 30, 2021. In connection with this conclusion, the Company, together with its advisors, is evaluating the accounting and treatment of certain equity issuances to executive officers. Although the Company cannot, at this time, estimate when it will file its restated financial statements for such periods, it is diligently pursuing completion of the restatement, including with respect to an evaluation of the Company's financial statement reserves for tax payments and contingencies."

Following this news, Electric Last Mile Solutions stock fell 23% after hours on February 1, 2022.

If you have information that could assist in this investigation, or if you are an Electric Last Mile Solutions shareholder and are interested in learning more about the investigation, please contact Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.

To join this action, you can go to:
https://www.cognitoforms.com/JohnsonFistel/ElectricLastMileSolutionsInc
or
[Click here to join this action]. There is no cost or obligation to you.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com

To join this action, you can go to:
https://www.cognitoforms.com/JohnsonFistel/ElectricLastMileSolutionsInc
or
[Click here to join this action]. There is no cost or obligation to you.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/112464