New York, June 14, 2021 (Global News Agency) – Pomerantz LLP announced that it has acquired Arcimoto Inc. (“Arcimoto” or “Company”) (NASDAQ:Long-distance ultraviolet) And some of its senior staff. The class action was filed in the U.S. District Court for the Eastern District of New York and recorded under 21-cv-02870, representing a class consisting of all individuals and entities other than the defendant who purchased or otherwise obtained public information. Trading Arcimoto securities from February 14, 2018 to March 22, 2021, both days inclusive (the “class action period”). According to the Securities Exchange Act of 1934 (“Exchange Act”), the plaintiff sought compensable losses caused by the defendant’s violation of the federal securities laws.
If you are a shareholder who purchased Arcimoto securities during the class action, you must request the court to appoint you as the lead plaintiff of the class action before June 18, 2021.A copy of the complaint can be obtained at the following website www.pomerantzlaw.com. To discuss this operation, please contact Robert S. Willoughby [email protected] Or 888.476.6529 (or 888.4-POMLAW), free of charge, extension. 7980. Encourage people who ask via e-mail to provide their mailing address, phone number, and the number of shares purchased.
Arcimoto is said to be engaged in the business of manufacturing ultra-efficient three-wheel electric vehicles. The company’s products include Fun Utility Vehicle (“FUV”).
The complaint stated that during the entire class action, the defendant made material false and misleading statements about the company’s business, operations, and compliance policies. Specifically, the defendant made false and/or misleading statements and/or failed to disclose: (i) Arcimoto’s FUV pre-order was forged or never completed, and only 19 of the 422 allegedly pre-ordered were delivered; (ii) Arcimoto has not disclosed to customers that nearly 100% of the vehicles it delivered are in a state of safety recall; (iii) Arcimoto’s largest customer, R-Key-Moto, is an undisclosed related party owned by insider FOD Capital, LLC; (iv) Arcimoto The cooperation with HULA is an undisclosed related party transaction; (v) Therefore, the defendant’s public statement was materially false and/or misleading at all relevant times.
On March 23, 2021, Bonitas Research (“Bonitas”) released a report on short sellers against Arcimoto. In the report, Bonitas accused Arcimoto of forging pre-orders to generate false demand. Since 2018, it has only delivered 19 of 422 suspected pre-orders, and sold 13 of these 19 pre-orders to undisclosed related parties. And it did not notify the customer that Arcimoto had submitted a comprehensive recall notice to the National Highway Traffic Safety Administration.
After the Bonitas report was released, Arcimoto’s share price fell by $1.10 per share, or about 6.56%, to close at $15.67 per share on March 23, 2021.
Pomerantz has offices in New York, Chicago, Los Angeles, and Paris, and is recognized as one of the leading firms in the field of corporate, securities and antitrust litigation. Pomerantz Firm was founded by the late Abraham L. Pomerantz and is known as the president of the Class Litigation Lawyers Association, setting a precedent in the field of securities class actions. Today, more than 80 years later, Pomerantz continues to follow the tradition he founded to fight for the rights of victims of securities fraud, breach of fiduciary duties, and corporate misconduct. The company has recovered millions of dollars in damages on behalf of its members.Look www.pomerantzlaw.com
Robert S. Willoughby
Pomerantz Law Firm
888-476-6529 extension. 7980