Electric Last Mile Solutions, Inc. (NASDAQ:ELMS) Long Term Investor Notice: Investigation of Potential Wrongdoing

An investigation on behalf of current long-term investors in Electric Last Mile Solutions, Inc. (NASDAQ:ELMS) shares over possible breaches of fiduciary duty by certain officers and directors was announced.

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San Diego, CA -- (SBWire) -- 05/23/2022 --Certain directors of Electric Last Mile Solutions, Inc. are under investigation concerning potential breaches of fiduciary duties.

Investors who are investors in Electric Last Mile Solutions, Inc. (NASDAQ: ELMS) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm for investors in NASDAQ: ELMS stocks follows a lawsuit filed against Electric Last Mile Solutions, Inc. (over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: ELMS stocks, concerns whether certain Electric Last Mile Solutions directors are liable in connection with the allegations made in that lawsuit.

The plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose: (1) ELMS's previously issued financial statements were false and unreliable; (2) Electric Last Mile Solutions, Inc's earlier reported financial statements would need restatement; (3) certain Electric Last Mile Solutions, Inc. executives and/or directors purchased equity in the Company at substantial discounts to market value without obtaining an independent valuation; (4) on November 25, 2021 (Thanksgiving), the Company's Board formed an independent Special Committee to conduct an inquiry into certain sales of equity securities made by and to individuals associated with the Company; and (5) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Those who purchased shares of Electric Last Mile Solutions, Inc. (NASDAQ: ELMS) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Media Relations Contact

Michael Daniels
Shareholders Foundation
1-858-779-1554
https://www.shareholdersfoundation.com/

View this press release online at: http://rwire.com/1358014