Lightning eMotors, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Colorado on behalf of investors who acquired Lightning eMotors, Inc. (“Lightning eMotors” or the “Company”) (NYSE: ZEV) securities from December 10, 2020 through August 16, 2021, inclusive (the “Class Period”). Investors have until December 14, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Lightning eMotors designs, manufactures, and sells electric vehicles. The Company produces electric fleet medium- and heavy-duty vehicles, including delivery trucks, shuttle buses, passenger vans, chassis-cab models, and city transit buses.
Lightning eMotors was formed through a business combination between Lightning Systems, Inc. and GigCapital3, a special purpose acquisition company (SPAC), also known as a blank check company, incorporated for the purpose of entering into a merger or similar business combination with one or more businesses or entities. On May 7, 2021, the Company’s common stock and warrants began trading on the New York Stock Exchange under the symbols “ZEV” and “ZEV.WS”, respectively.
After the market closed on August 16, 2021, Lightning eMotors announced financial results for the second quarter ended June 30, 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’ share price declined by $1.63 per share, or approximately 16.9%, from $9.63 per share to close at $8.00 per share on August 17, 2021.
The lawsuit alleges throughout the Class Period, Defendants (i) failed to disclose that 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; and (ii) materially overstated the Company’s financial position and/or prospects.