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ELMS.US

id: 901

Electric Last Mile (ELMS) $2.7M Settlement

The settlement funds have been distributed to claimants.

$2,700,000

Cash Settlement

D. New Jersey

Court

2:22-cv-00545

Case number

06/09/2021

Class period Start

02/01/2022

Class period End

08/30/2024

Claim deadline

Electric Last Mile settles $2.7M with investors to resolve the claims over the financial misrepresentation.

Case Details:

Electric Last Mile was accused of not revealing equity purchases by executives at significant discounts without proper valuation.

Following a Special Committee investigation in November 2021, leadership changes were announced on February 1, 2022, revealing that the CEO and Executive Chairman resigned. 

The investigation led to the conclusion that certain executives had purchased company equity at substantial discounts, causing $ELMS 51% drop.

Electric Last Mile has now decided to end all the allegations and pay a $2.7M settlement.

Case Type

US Securities Class Action

Case Status

Disbursed

Alleged Offence

Mismanagement,

Misleading Statements,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Payout per Share

0.18

Filing date

02/03/2022

Plaintiffs

Scott T. Hacker

Attorneys

The Rosen Law Firm, P.A.

Defendants

Jason Luo, James Taylor, Albert Li, Marshall Kiev, David Boris

Judge

Claire C. Cecchi

Administrator

Strategic Claims Services

Settlement agreement date

2023-04-13

Court hearing date

09/20/2024

Exclusion deadline

08/30/2024

Objection deadline

08/30/2024

Hearing deadline

08/30/2024

Class wide damages

$227,500,000

Trades matching type

FIFO

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