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Lightning eMotors, Inc.

Corporate Governance / Derivative

  • Date:
  • 1/29/2024
  • Company Name:
  • Lightning eMotors, Inc.
  • Stock Symbol:
  • ZEV
  • Class Period:
  • FROM 12/10/2020 TO 8/16/2021
  • Status:
  • Filed
  • Court:
  • U.S. District Court: Colorado

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Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Lightning eMotors Inc. (NYSE: ZEV) on behalf of long-term stockholders following a class action complaint that was filed against Lightning eMotors with a Class Period from December 10, 2020 and August 16, 2021. Our investigation concerns whether the board of directors of Lightning eMotors have breached their fiduciary duties to the company.

Lightning eMotors’ stock began trading on the New York Stock Exchange on May 7, 2021 following a de-SPAC transaction with GigCapital3. Then, on August 16, 2021, Lightning eMotors announced the Company's financial results for the second quarter of 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’ stock price fell $1.63 per share, or 16.93%, to close at $8.00 per share on August 17, 2021.

If you are a long-term stockholder of Lightning eMotors, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out the form below. There is no cost or obligation to you.

The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in Lightning eMotors. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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