A lawsuit was filed on behalf of investors in Arcimoto, Inc. (NASDAQ:FUV) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 05/05/2021 -- An investor, who purchased NASDAQ: FUV shares, filed a lawsuit against Arcimoto, Inc. over alleged Securities Laws violations in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Arcimoto, Inc. (NASDAQ: FUV) have certain options and for certain investors are short and strict deadlines running. Deadline: June 18, 2021. NASDAQ: FUV investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On March 23, 2021, Bonitas Research published a short-seller report on Arcimoto, Inc.. In the report, Bonitas alleges that Arcimoto, Inc. fabricated pre-orders to generate fake demand, only delivered on 19 of the 422 alleged pre-orders since 2018, sold a 13 of the 19 pre-orders to an undisclosed related party, and failed to notify customers that Arcimoto filed a total production recall notice with the United States Government's federal agency, the National Highway Traffic Safety Administration.
Shares of Arcimoto, Inc. (NASDAQ: FUV) declined to as low as $12.40 per share on April 7, 2021.
The plaintiff claims that between February 14, 2018 and March 22, 2021 the defendants made false and/or misleading statements and/or failed to disclose that the preorders of Arcimoto's Fun Utility Vehicles ("FUVs") were fabricated or never completed, with only 19 units delivered out of an alleged preorder of 422, that Arcimoto failed to disclose to customers that nearly 100% of its vehicles delivered were under safety recall, that Arcimoto's largest customer, R-Key-Moto, was an undisclosed related party owned by insider FOD Capital, LLC, that Arcimoto's partnership with HULA was an undisclosed related party transaction, and that as a result, defendants' public statements were materially false and/or misleading at all relevant times.
Those who purchased shares of Arcimoto, Inc. (NASDAQ: FUV) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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