ZEV.US
id: 1231
Lightning eMotors (ZEV) Investor Settlement
Late claims are being considered for compensation, subject to approval.
D. Colorado
Court1:21-cv-02774
Case number05/18/2020
Class period Start08/16/2021
Class period End11/11/2024
Claim deadlineLightning 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 Late Claims
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
1.69
Filing date
10/15/2021
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
11/19/2024
Exclusion deadline
10/18/2024
Objection deadline
10/18/2024
Hearing deadline
10/18/2024
Attorney fee
$4,674,555
Trades matching type
FIFO
+$13,350,000
Cash Settlement Amount