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SAN DIEGO, Dec. 02, 2021 (GLOBE NEWSWIRE) --
Shareholder rights law firm Johnson Fistel, LLP announces that it has filed a class action lawsuit on behalf of all those who purchased Lightning eMotors, Inc. (NYSE: ZEV) ("Lightning eMotors" or the "Company") securities during the period between December 10, 2020 and August 16, 2021, both dates inclusive. The action was filed in the United States District Court for the District of Colorado and is captioned Cohen v. Lightning eMotors, Inc. et al., No. 1:21-cv-03215. A similar lawsuit with a shorter class period, Shafer v. Lightning eMotors, Inc. et al., No. 1:21-cv-02774, was previously filed in the District of Colorado.
The complaint charges Lightning eMotors, its CEO and CFO, and others with violations of the Securities Exchange Act of 1934. According to the complaint, the defendants made materially false and misleading statements and failed to disclose known adverse facts about Lightning eMotors' business, operations and prospects, including that the Company: (i) was suffering from severe supply chain constraints and cost overruns; (ii) was experiencing delays in vehicle deliveries and more tepid customer demand than represented to investors; (iii) did not possess "firm" purchase orders and/or an ability to deliver on such orders sufficient to generate $63 million in revenue in 2021; (iv) considered purchase orders to be "firm" even if they were non-binding, did not constitute a legal obligation to purchase, and could be canceled or delayed by customers without penalty; (v) did not possess "high visibility" into 2021 revenues, let alone its business and operations in subsequent years; (vi) was suffering from ballooning costs and worsening gross margin trends; and (vii) issued 2021 guidance that was not achievable and lacked any reasonable basis in fact.
The Private Securities Litigation Reform Act permits any investor who purchased or otherwise acquired Lightning eMotors securities during the class period to seek appointment as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
If you wish to serve as lead plaintiff, please [click here to join this action], or contact lead financial analyst Jim Baker at email@example.com or 619-814-4471. If emailing, please include a phone number. There is no cost or obligation to you. Lead plaintiff motions must be filed with the Court no later than December 14, 2021.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471