Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Arcimoto, Inc. (FUV)
LOS ANGELES, May 20, 2021 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming June 18, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Arcimoto, Inc. ("Arcimoto" or the "Company") (NASDAQ: FUV) securities between February 14, 2018 and March 22, 2021, inclusive (the "Class Period").
If you suffered a loss on your Arcimoto investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/arcimoto-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On March 23, 2021, Bonitas Research published a report alleging that Arcimoto had delivered "less than 5%" of the pre-orders it had touted since 2018 and that the Company's largest customer is secretly owned and operated by an undisclosed related party, FOD Capital, LLC. Moreover, the report alleged that one day before Arcimoto touted a 90-day trial for first responder units in Orlando, the Company had filed a total production recall notice "due to safety issues with the electronic drivers in the vehicles which can 'lead to unexpected battery shutdown and immediate loss of traction-power.'"
On this news, the Company's stock price fell $1.10 per share, or approximately 6.56%, to close at $15.67 per share on March 23, 2021.
The complaint filed alleges that throughout the Class Period, 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 preorders of Arcimoto's Fun Utility Vehicles (FUVs) were fabricated or never completed, with only 19 units delivered out of an alleged preorder of 422; (2) Arcimoto failed to disclose to customers that nearly 100% of its vehicles delivered were under safety recall; (3) Arcimoto's largest customer, R-Key-Moto, was an undisclosed related party owned by insider FOD Capital, LLC; and (4) Arcimoto's partnership with HULA was an undisclosed related party transaction; (5) 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.
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If you purchased or otherwise acquired Arcimoto securities during the Class Period, you may move the Court no later than June 18, 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 Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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SOURCE Glancy Prongay & Murray LLP
