SHAREHOLDER ALERT: Robbins LLP announces that Lightning eMotors, Inc. (ZEV, ZEV.WS) is sued for shareholder deception
SAN DIEGO – (COMMERCIAL THREAD) – Shareholder rights law firm Robbins LLP announces that a shareholder has filed a class action lawsuit on behalf of all persons and entities that have purchased or otherwise acquired securities of Lightning eMotors, Inc. (NYSE : ZEV) between May 7, 2021 and August 16, 2021, for violations of the Securities Exchange Act of 1934. Lightning eMotors designs, manufactures and sells electronic medium and heavy commercial vehicles, including delivery trucks, shuttles, vans, chassis cab models and city buses.
If you have suffered a loss due to the misconduct of Lightning eMotors, Inc., click here.
Lightning eMotors, Inc. (ZEV) Has Distorted Its Operational and Business Outlook
According to the complaint, Lightning eMotors was created out of a business combination between GigCapital3, a special purpose acquisition company, and Lightning Systems, Inc. As part of the business combination, the company changed its GigCapital3, Inc. name in Lightning eMotors, Inc. The company’s shares began trading on May 7, 2021. During the relevant period, the company touted its competitive advantages, including an increase in “the ability to trade. production, supply chain diversification, implementation of automation and marketing efforts, ”which have improved its“ capabilities to execute deliveries at an record pace. ”The Company expects that revenue for fiscal year 2021 is between $ 50 million and $ 60 million.
On August 26, 2021, Lightning eMotors reported its financial results for the second quarter of 2021, including a net loss of $ 46.1 million, compared to a net loss of $ 2.8 million during the period. last year. Basic and diluted net loss per share was $ 0.79, compared to a loss of $ 0.10 in the second quarter of 2020. The company also withdrew its full-year financial guidance for the remainder of 2021, citing a forecast revenue of just $ 4 million to $ 6 million in the next quarter. On this news, shares of Lightning eMotors fell $ 1.63 per share, or nearly 17%, to close at $ 8.00 per share on August 17, 2021.
If you purchased Lightning eMotors, Inc. (ZEV) stock between May 7, 2021 and August 16, 2021, you have until December 14, 2021 to ask the court to name you as the class lead plaintiff.
All representation is based on contingency fees. Shareholders pay no fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, Robbins LLP attorneys and staff are dedicated to helping shareholders recover their losses, improve corporate governance structures, and hold top executives. company responsible for their wrongdoing since 2002. To be notified of a class action lawsuit against Lightning eMotors, Inc. rule or to receive free alerts when company executives commit wrongdoing, sign up for Stock Watch today. hui.
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