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

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.

Electric Last Mile Solutions Inc

All persons purchased publicly traded common stock of Electric Last Mile Solutions, Inc. during the period between June 9, 2021, and February 1, 2022, both dates inclusive.

Do I have to sell securities to be eligible?

No, if you have purchased securities within the class period, you are eligible to participate.

You can participate in the settlement and retain (or sell) your securities.

The final payout amount depends on your specific trades and the number of investors participating in the settlement.

If 100% of investors file their claims - the average payout will be $0.18 per share. Although typically only 25% of investors file claims, in this case, the average recovery will be $0.72 per share.

The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.

11thestate is an investor recovery company, we help investors to track and collect securities class action settlements. We will:

Audit the claim and make sure you get the maximum possible payout

File a claim with the settlement administration

Correspond with the settlement administration to resolve emerging issues

Deliver payout directly to your brokerage account

There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.

Accepting Late Claims

Mismanagement

Misleading Statements

Omissions

Directors

Management

Electric Last Mile (ELMS) $2.7M Settlement

electriclastmile-investors-settlement

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Electric Last Mile Solutions, Inc., a commercial electric vehicle solutions company, focuses on designing, engineering, manufacturing, and customizing electric "last mile' delivery and utility vehicles. It offers Class 1 commercial electric vehicle in the U.S. market and focuses on producing Class 3 Urban Utility electric vehicle. The company is headquartered in Troy, Michigan. On June 14, 2022, Electric Last Mile Solutions, Inc., along with its affiliate, filed a voluntary petition for liquidation under Chapter 7 in the U.S. Bankruptcy Court for the District of Delaware.

Electric Last Mile (ELMS) $2.7M Settlement

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