ELMS.US
id: 901
Electric Last Mile (ELMS) $2.7M Settlement
Late claims are being considered for compensation, subject to approval.
D. New Jersey
Court2:22-cv-00545
Case number06/09/2021
Class period Start02/01/2022
Class period End08/30/2024
Claim deadlineElectric 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 Status
Accepting Late Claims
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
+$2,700,000
Cash Settlement AmountFrequently Asked Questions
Who is eligible for this settlement?
Do I have to sell securities to be eligible?
How much will my payment be?
How long does the payout process take?
What is 11thestate?