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

11 Nov 2024

Claim deadline

Lightning eMotors has reached an $13.35M settlement 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 $13.35M settlement agreement with $ZEV investors to settle claims of overstating financial prospects in 2021.

Case Status

Accepting Claims

Alleged Offence

Mismanagement,

Misleading Statements,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Payout per Share

1.69

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

Administrator

Gilardi & Co LLC

Settlement agreement date

2024-07-01

Court hearing date

19 November 2024

Exclusion deadline

18 October 2024

Objection deadline

18 October 2024

Hearing deadline

18 October 2024

Attorney fee

$4,674,555

Trades matching type

FIFO

+$13,350,000

Cash Settlement Amount