The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Lightning eMotors Inc. (ZEV)

The Law Offices of Frank R. Cruz reminds investors of the upcoming December 14, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Lightning eMotors Inc. (“Lightning eMotors” or the “Company”) (NYSE: ZEV) securities between May 7, 2021 and August 16, 2021, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On August 16, 2021, after the market closed, Lightning eMotors announced its second quarter 2021 financial results, reporting a net loss per share of $.79 compared to a loss of $.10 in the second quarter of 2020. The Company also withdrew its fiscal 2021 guidance, stating that it “no longer expects to meet full year guidance” citing among other things “chassis production disruptions.”

On this news, the Company’s share price fell $1.63, or 16.93%, to close at $8.00 per share on August 17, 2021.

The complaint filed alleges that throughout the Class Period, the defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) 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; (2) accordingly, the Company materially overstated its financial position and/or prospects; and (3) 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.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased or otherwise acquired Lightning eMotors securities during the Class Period, you may move the Court no later than December 14, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211209005414/en/

The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Lightning eMotors Inc. (ZEV)