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ZEV.US
id: 1231

Lightning eMotors (ZEV) Investor Settlement

D. Colorado
Court
1:21-cv-02774
Case number
18 May 2020
Class period Start
16 Aug 2021
Class period End
Lightning eMotors has reached an agreement with $ZEV investors to settle claims of overstating financial prospects in 2021.

Case Details:

On August 16, 2021, Lightning eMotors reported a Q2 2021 net loss of $0.79 per share, up from $0.10 per share in Q2 2020.

Later, Lightning eMotors also withdrew its 2021 financial guidance right after announcing a multi-year deal with Forest River.

On this news, $ZEV fell by 16.93% on August 17, 2021.

Based on all these events, Lightning eMotors was accused of the following points:
  • Lightning eMotors had a much higher net loss per share in Q2 2021 than in Q2 2020 and withdrew its 2021 guidance.
  • It also overstated its financial health and prospects.
Lightning eMotors has reached an agreement with $ZEV investors to settle claims of overstating financial prospects in 2021.
Case Status
Tentative Settlement
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Filing date
15 October 2021
Plaintiffs
David P. Sarro
Attorneys
Johnson Fistel, LLP (Marietta, GA), Robbins Geller Rudman & Dowd LLP (San Diego, CA)
Defendants
Timothy Richard Reeser, Teresa P. Covington, Neil Miotto, Brad Weightman, John J. Mikulsky, Andrea Betti-Berutto, Peter Wang, Robert Fenwick-Smith
Judge
Regina M. Rodriguez
Trades matching type
FIFO

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