NEW YORK, October 15, 2021 / PRNewswire / – Pomerantz LLP Announces that a Class Action has been filed against Lightning eMotors, Inc. (“Lightning eMotors” or the “Company”) f / k / a GigCapital3, Inc. (“GigCapital3”) (NYSE: ZEV; ZEV.WS) and some of its leaders. The class action, filed in United States District Court of the District of Colorado, and listed under 21-cv-02774, is in the name of a class consisting of all persons and entities other than the Defendants who have purchased or otherwise acquired securities of Lightning eMotors between May 7, 2021 and August 16, 2021, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants in violation of federal securities laws and to pursue remedies under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the âExchange Actâ) and rules 10b-5 promulgated by virtue of it, against the Company and certain of its senior executives.
If you are a shareholder who purchased publicly traded securities during the Class Period, you have up to December 14, 2021 ask the court to appoint you as the principal plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 7980. Those inquiring by e-mail are encouraged to provide their mailing address, telephone number and the number of shares purchased.
[Click here for information about joining the class action]
Lightning eMotors designs, manufactures and sells electric vehicles. The Company produces fleets of medium and heavy electric vehicles, including delivery trucks, shuttles, vans, chassis cab models and city buses.
Prior to its business combination with Lightning eMotors, as described below, GigCapital3 was a special purpose acquisition company, also known as a blank check company, incorporated for the purpose of completing a merger, exchange shares, acquisition of assets, purchase of shares, recapitalization, reorganization or similar business combination with one or more companies or entities.
At May 6, 2021, Lightning eMotors has entered into a business combination (the âBusiness Combinationâ) with Lightning Systems, Inc. (âLightning Systemsâ) pursuant to a certain business combination agreement, dated December 10, 2020, by and among GigCapital3, Project Power Merger Sub, Inc and Lightning Systems. In connection with the completion of the business combination, the Company changed its name from GigCapital3, Inc. to Lightning eMotors, Inc. The May 7, 2021, the common shares and warrants of the Company began trading on the New York Stock Exchange under the symbols “ZEV” and “ZEV.WS”, respectively.
The complaint alleges that throughout the litigation period, the defendants made materially false and misleading statements regarding the company’s business, operational and compliance policies. Specifically, the Defendants made false and / or misleading statements and / or failed to disclose that: (i) the Company would record a significantly higher net loss per share in the second quarter of 2021 compared to the second quarter of 2020 and take full advantage of annual forecasts for the remainder of 2021; (ii) as a result, the Company has significantly overestimated its financial situation and / or its prospects; and (iii) accordingly, the Company’s public statements were materially false and misleading at all material times.
At August 16, 2021, post-commercialization, Lightning eMotors reported the company’s second quarter 2021 financial results, 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 withdrew 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, the Lightning eMotors stock price fell $ 1.63 per share, or 16.93%, to close at $ 8.00 per share on August 17, 2021.
The Pomerantz firm, with offices in new York, Chicago, Los Angeles, and Paris, is recognized as one of the leading firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class actions bar, the Pomerantz law firm was a pioneer in the field of class actions in securities. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext 7980
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SOURCE Pomerantz LLP