INVESTOR ALERT: Kaskela Law LLC Announces Class Action Lawsuit Against Electric Last Mile Solutions, Inc. (ELMS) and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm

PHILADELPHIA   , March 14, 2022 /PRNewswire/ -- Investor protection law firm Kaskela Law LLC announces that an investor class action lawsuit has been filed against Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp. ("ELMS" or the "Company") (NASDAQ: ELMS) on behalf of investors who purchased shares of the Company's securities between March 31, 2021 and February 1, 2022, inclusive (the "Class Period"). 

ELMS investors with financial losses in excess of $100,000 are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 299 – 0750, or by email ([email protected]) or online at https://kaskelalaw.com/cases/elms/, for additional information about this action and their legal rights and options. 

According to the complaint, on February 2, 2022, the Company issued a press release entitled "Electric Last Mile Solutions Announces Leadership Transition and Financial Update" which disclosed (i) changes to the Company's leadership and (ii) that certain of the Company's financial statements needed restatement.  Among other things, the press release reported that James Taylor "has resigned from his role as Chief Executive Officer and a member of the Board," and that Jason Luo "resigned from his position as Executive Chairman of the Board."  The press release further disclosed that these departures "follow an investigation conducted by a Special Committee of the Board of Directors."

Following this news, shares of the Company's common stock declined $2.88 per share, or over 51% in value, to close at $2.71 per share on February 2, 2022, on heavy trading volume.

IMPORTANT DEADLINE:  Investors who purchased ELMS's securities during the Class Period may, no later than April 4, 2022, seek to be appointed as a lead plaintiff representative in the action. 

Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation.  For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.  

CONTACT: 
D. Seamus Kaskela, Esq. 
Adrienne Bell, Esq. 
KASKELA LAW LLC 
18 Campus Blvd., Suite 100 
Newtown Square, PA 19073 
(888) 715 – 1740 
(484) 229 – 0750 
www.kaskelalaw.com 

SOURCE Kaskela Law LLC

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