SAN
FRANCISCO, Feb. 28, 2023 /PRNewswire/
-- Schubert Jonckheer & Kolbe LLP is investigating
potential derivative claims on behalf of shareholders of Lightning
eMotors (NASDAQ: ZEV) for alleged false and misleading statements
concerning the company's core business operations and future
projections.
Lightning eMotors (f/k/a Lightning Systems) manufactures and
sells electric vehicles designed for commercial transportation,
including delivery trucks, shuttle buses, and city transit
buses.
In April 2021, Gig3, a special
purpose acquisition company, announced a merger agreement with
Lightning Systems. The accompanying proxy statement touted
Lightning Systems as a fast-growing and scalable operation.
According to the proxy, the company's impressive financial
projections were "backed by existing customer contracts" and
"completely covered[ed]" by existing purchase orders. The proxy
also highlighted the "high degree of resilience" in Lightning
Systems supply chain logistics. The merger was effectuated in
May 2021 and Lightning Systems
officially became Lightning eMotors.
The hype surrounding Lighting eMotors quickly faded. Just a few
days after the merger was finalized, Lightning eMotors revised its
financial projections downward due to supply chain issues but
maintained that it was still "well-positioned to achieve its 2021
forecast" and well-equipped to handle the supply chain
unpredictability. However, in August 2021, the company announced dismal results
that fell far below its targets and once again attributed these
results to supply chain issues and COVID-related delays. Upon this
news, the stock price fell by 16%.
These allegations have invited shareholder lawsuits against
Lightning eMotors and Gig3. The lawsuits allege that Lightning
eMotors had a history of supply chain and quality assurance issues,
but the company repeatedly touted its scalability and strong supply
chain infrastructure despite long-standing operational
deficiencies.
The Schubert Firm is investigating potential breaches of
fiduciary duty by Lightning eMotors officers and directors in
connection with these allegations.
If you own stock in Lightning eMotors and wish to obtain
additional information about your legal rights, please contact
us today or visit our website at
https://www.classactionlawyers.com//lightningemotors.
About Schubert Jonckheer & Kolbe LLP
Schubert Jonckheer & Kolbe represents shareholders,
employees, and consumers in class actions against corporate
defendants, as well as shareholders in derivative actions against
their officers and directors. The firm is based in San Francisco, and with the help of
co-counsel, litigates cases nationwide.
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SOURCE Schubert Jonckheer & Kolbe LLP
