(ELMS) INVESTOR DEADLINE: Johnson Fistel Encourages Shareholders Contact the Firm About Leading Electric Last Mile Class Action

March 22, 2022 8:22 AM EDT | Source: Johnson Fistel, LLP

San Diego, California--(Newsfile Corp. - March 22, 2022) - Shareholder rights law firm Johnson Fistel, LLP (www.JohnsonFistel.com) announces that a class action has been commenced on behalf of investors of Electric Last Mile Solutions, Inc. ("ELMS" or the "Company") f/k/a Forum Merger III Corp. (NASDAQ: ELMS) (NASDAQ: ELMSW) (NASDAQ: FIII) (NASDAQ: FIIIU) (NASDAQ: FIIIW). The lawsuit is currently on behalf of a potential class of ELMS investors who purchased or acquired ELMS securities between March 31, 2021 and February 1, 2022, both dates inclusive (the "Class Period").

What actions may I take at this time? If you purchased or otherwise acquired ELMS securities during the Class Period, you have until April 4, 2022 to seek appointment as a lead plaintiff in the action. A lead plaintiff will act on behalf of all other class members in directing the lawsuit, including overseeing any settlement of the case.

If you suffered significant losses on your Class Period purchases, contact Johnson Fistel, LLP now to participate:

There is no cost or obligation to you.

What are the allegations in the complaint? According to the filed complaint, during the class period, Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp. made 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.

What if I have information relevant to the case? Individuals with nonpublic information regarding ELMS should consider whether to assist our investigation or take advantage of the SEC Whistleblower program. Under the SEC program, whistleblowers who provide original information may, under certain circumstances, receive rewards totaling up to thirty percent of any successful recovery made by the SEC. For more information, contact Jim Baker at (619) 814-4471 or jimb@johnsonfistel.com.

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 securities class action and derivative lawsuits. 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, Lead Securities Analyst
Telephone: (619) 814-4471
Email: jimb@johnsonfistel.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117620

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