The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers of Electric Last Mile Solutions Inc f/k/a Forum Merger III Corp (NASDAQ: ELMS; ELMSW) publicly traded securities between March 31 2021 and February 1 2022 inclusive (the Class Period) have until April 4 2022 to seek appointment as lead plaintiff in Hacker v Electric Last Mile Solutions Inc f/k/a Forum Merger III Corp No 22-cv-00545 (DNJ)  Commenced on February 3 2022 the Electric Last Mile class action lawsuit charges Electric Last Mile and certain of its top executives with violations of the Securities Exchange Act of 1934 

If you suffered substantial losses and wish to serve as lead plaintiff of the Electric Last Mile class action lawsuit please provide your information by clicking here  You can also contact attorney JC Sanchez of Robbins Geller Rudman & Dowd LLP by calling 800/449-4900 or via e-mail at [email protected]  Lead plaintiff motions for the Electric Last Mile class action lawsuit must be filed with the court no later than April 4 2022

CASE ALLEGATIONS: Electric Last Mile purports to be a pure-play commercial electric vehicle company  On June 25 2021 Electric Last Mile Inc and Forum Merger III Corp a special purpose acquisition company (SPAC) or blank check company closed the merger which resulted in Electric Last Mile  Prior to the merger Electric Last Mile's securities traded on the NASDAQ under the ticker symbols FIII FIIIU and FIIIW

The Electric Last Mile class action lawsuit alleges that throughout the Class Period defendants made false and misleading statements and failed to disclose that: (i) Electric Last Mile's previously issued financial statements were false and unreliable; (ii) Electric Last Mile's earlier reported financial statements would need restatement; (iii) certain Electric Last Mile executives and/or directors purchased equity in Electric Last Mile at substantial discounts to market value without obtaining an independent valuation; (iv) on November 25 2021 Electric Last Mile's Board formed an independent Special Committee to conduct an inquiry into certain sales of equity securities made by and to individuals associated with Electric Last Mile; and (v) 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

On February 1 2022 Electric Last Mile revealed that Shauna McIntyre a member of [Electric Last Mile's] Board of Directors has been appointed as Interim Chief Executive Officer and President succeeding James Taylor who has resigned from his role as Chief Executive Officer and a member of the Board  In addition Brian Krzanich has been appointed Non-Executive Chairman of the Board replacing Jason Luo who has also resigned from his position as Executive Chairman of the Board  The departures follow an investigation conducted by a Special Committee of the Board of Directors (the 'Special Committee')  Electric Last Mile further revealed that [b]ased on the Special Committee's investigation [Electric Last Mile] has concluded that in November and December 2020 shortly before [Electric Last Mile's] December 10 2020 announcement of a definitive agreement for a business combination with Forum Merger III Corporation certain Electric Last Mile Inc executives purchased equity in [Electric Last Mile] at substantial discounts to market value without obtaining an independent valuation  Electric Last Mile also disclosed that on January 26 2022 on the basis of the Special Committee investigation the Board concluded that [Electric Last Mile's] previously issued consolidated financial statements should be restated and therefore should no longer be relied upon  The financial statements in question cover the period as of December 31 2020 the period from August 20 2020 (inception) through December 31 2020 the six months ended June 30 and the nine months ended September 30 2021  On this news Electric Last Mile's share price fell by approximately 51% damaging investors

Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance  Comprised of experienced litigators investigators and forensic accountants the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors  The rise in blank check financing poses unique risks to investors  Robbins Geller's SPAC Task Force represents the vanguard of ensuring integrity honesty and justice in this rapidly developing investment arena

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Electric Last Mile securities during the Class Period to seek appointment as lead plaintiff in the Electric Last Mile class action lawsuit  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class  A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit  The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit  An investor's ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff 

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions  Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history including the largest securities class action recovery ever – $72 billion – in In re Enron Corp Sec Litig  The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $16 billion for investors that year more than double the amount recovered by any other securities plaintiffs' firm  Please visit http://wwwrgrdlawcom for more information 

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Robbins Geller Rudman & Dowd LLP
655 W Broadway San Diego CA  92101
JC Sanchez 800-449-4900
[email protected]

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