LOS ANGELES, October 25, 2021--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Lightning eMotors Inc. ("Lightning eMotors" or the "Company") (NYSE: ZEV) securities between May 7, 2021 and August 16, 2021, inclusive (the "Class Period"). Lightning eMotors investors have until December 14, 2021 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On August 16, 2021, after the market closed, Lightning eMotors announced its second quarter 2021 financial results, reporting a net loss per share of $.79 compared to a loss of $.10 in the second quarter of 2020. The Company also withdrew its fiscal 2021 guidance, stating that it "no longer expects to meet full year guidance" citing among other things "chassis production disruptions."
On this news, the Company’s share price fell $1.63, or 16.93%, to close at $8.00 per share on August 17, 2021.
The complaint filed alleges that throughout the Class Period, the defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company would record a substantially greater net loss per share in the second quarter of 2021 compared to the second quarter of 2020 and would pull its full year guidance for the remainder of 2021; (2) accordingly, the Company materially overstated its financial position and/or prospects; and (3) 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.
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If you purchased Lightning eMotors securities during the Class Period, you may move the Court no later than December 14, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Lightning eMotors securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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