ARCIMOTO ALERT: Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against Arcimoto, Inc. and Encourages Investors to Contact the Firm
NEW YORK–(BUSINESS WIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, announces a class action lawsuit has been filed in the US District Court for the Eastern District of New York on behalf of investors who bought Arcimoto, Inc. (NASDAQ: FUV) securities between February 14, 2018 and March 22, 2021 inclusive (the “Class Period”). Investors have until June 18, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
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On March 23, 2021, Bonitas Research published a report (“Bonitas Report”) which found that Arcimoto had misled the investing public by making its pre-orders. The Bontias report also revealed that Arcimoto’s largest customer, R-KeyMoto, LLC, was an undisclosed related party. The Bonitas report also revealed issues related to Arcimoto’s alleged partnership with HULA.
In the news, Arcimoto’s share price fell $ 1.10 per share, or approximately 6.56%, to close at $ 15.67 per share on March 23, 2021.
The complaint filed on April 19, 2021 alleges that throughout the classroom period, defendants made false and / or misleading statements and / or failed to disclose that: (1) Manufactured the pre-orders for Arcimoto’s Fun Utility Vehicles (“FUVs”) were or were never completed, with only 19 units shipped out of an alleged pre-order of 422; (2) Arcimoto has not informed its customers that almost 100% of the vehicles delivered have been subjected to a safety recall. (3) Arcimoto’s largest customer, R-Key-Moto, was an undisclosed related party owned by Insider FOD Capital, LLC; (4) Arcimoto’s partnership with HULA was an undisclosed related party transaction. and (5) as a result, the defendants’ public statements at all relevant times have been materially false and / or misleading.
If you have purchased Arcimoto securities during the class period and have suffered a loss, are a long-term shareholder, have information, want to learn more about these claims, or have questions about this announcement or your rights or interests in relation to these matters, please contact Brandon Walker, Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, by phone at (212) 355-4648, or by completing this contact form. There are no costs or obligations for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.