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NEW YORK, Oct. 22, 2021 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Colorado on behalf of investors who acquired Lightning eMotors, Inc. (“Lightning eMotors” or the “Company”) (NYSE: ZEV) securities from May 7, 2021 through August 16, 2021, inclusive (the “Class Period”). Investors have until December 14, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Lightning eMotors designs, manufactures, and sells electric vehicles. The Company produces electric fleet medium- and heavy-duty vehicles, including delivery trucks, shuttle buses, passenger vans, chassis-cab models, and city transit buses.
Lightning eMotors was formed through a business combination between Lightning Systems, Inc. and GigCapital3, a special purpose acquisition company (SPAC), also known as a blank check company, incorporated for the purpose of entering into a merger or similar business combination with one or more businesses or entities. On May 7, 2021, the Company’s common stock and warrants began trading on the New York Stock Exchange under the symbols “ZEV” and “ZEV.WS”, respectively.
After the market closed on August 16, 2021, Lightning eMotors announced financial results for the second quarter ended June 30, 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 pulled its full year financial guidance for the remainder of 2021, just days after announcing a multi-year agreement with Forest River, a Berkshire Hathaway company. On this news, Lightning eMotors’ share price declined by $1.63 per share, or approximately 16.9%, from $9.63 per share to close at $8.00 per share on August 17, 2021.
The lawsuit alleges throughout the Class Period, Defendants (i) failed to disclose that the Company would record a substantially greater net loss per share in the second quarter of 2021 compared to the second quarter of 2020 and would pull its full year guidance for the remainder of 2021; and (ii) materially overstated the Company’s financial position and/or prospects.
If you acquired Lightning eMotors securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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