SHAREHOLDER ALERT: Law Firm Pomerantz Reminds Shareholders Who Have Suffered Losses On Their Investment In Lightning eMotors, Inc. f / k / a GigCapital3, Inc. Of Class Action And Upcoming Deadline
New York, New York – (Newsfile Corp. – October 18, 2021) – Pomerantz LLP announces that a class action lawsuit has been filed against Lightning eMotors, Inc. (“Lightning eMotors” or the “Company”) f / k / a GigCapital3, Inc. (âGigCapital3â) (NYSE: ZEV) (NYSE: ZEV.WS) and certain of its officers. The class action suit, filed in the United States District Court for the District of Colorado, and registered as 21-cv-02774, is in the name of a group consisting of all persons and entities other than the defendants who purchased or otherwise acquired securities of Lightning eMotors between May 7, 2021 and August 16, 2021, both dates inclusive (the âClass Periodâ), seeking to recover damages caused by the Defendants in breach of federal securities laws and to exercise remedies under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the âExchange Actâ) and Rule 10b-5 promulgated thereunder, against the Company and certain of its senior officials.
If you are a shareholder who purchased publicly traded securities during the claim period, you have until December 14, 2021 to ask the court to appoint you as the lead plaintiff for the claim. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 7980. Those inquiring by e-mail are encouraged to provide their mailing address, telephone number and the number of shares purchased.
Lightning eMotors designs, manufactures and sells electric vehicles. The Company produces fleets of medium and heavy electric vehicles, including delivery trucks, shuttles, vans, chassis cab models and city buses.
Prior to its business combination with Lightning eMotors, as described below, GigCapital3 was a special purpose acquisition company, also known as a blank check company, incorporated for the purpose of completing a merger, exchange of shares, an acquisition of assets, a purchase of shares, a recapitalization, reorganization or similar business combination with one or more companies or entities.
On May 6, 2021, Lightning eMotors entered into a business combination (the âBusiness Combinationâ) with Lightning Systems, Inc. (âLightning Systemsâ) pursuant to a certain business combination agreement, dated 10 December 2020, by and between GigCapital3, Project Power Merger Sub, Inc and Lightning Systems. In connection with the completion of the business combination, the Company changed its name from GigCapital3, Inc. to Lightning eMotors, Inc. On May 7, 2021, the common shares and warrants of the Company began to trade. on the New York Stock Exchange under the symbols “ZEV” and “ZEV.WS”, respectively.
The complaint alleges that throughout the litigation period, the defendants made materially false and misleading statements regarding the company’s business, operational and compliance policies. Specifically, the Defendants made false and / or misleading statements and / or failed to disclose that: (i) the Company would record a significantly higher net loss per share in the second quarter of 2021 compared to the second quarter of 2020 and take full advantage of annual forecasts for the remainder of 2021; (ii) as a result, the Company has significantly overestimated its financial situation and / or its outlook; and (iii) accordingly, the Company’s public statements were materially false and misleading at all material times.
On August 16, 2021, after marketing, Lightning eMotors reported the company’s financial results for the second quarter of 2021, including a net loss per share of $ 0.79 compared to a loss of $ 0.10 in the second. quarter of 2020. The company also withdrew its annual financial guidance for the remainder of 2021, just days after announcing a multi-year deal with Forest River, a Berkshire Hathaway company.
On this news, the Lightning eMotors share price fell $ 1.63 per share, or 16.93%, to close at $ 8.00 per share on August 17, 2021.
Pomerantz, with offices in New York, Chicago, Los Angeles and Paris, is recognized as one of the leading firms in the areas of corporate law, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the Dean of the Class Actions Bar, Pomerantz was a pioneer in the field of securities class actions. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100128