Lightning eMotors, Inc.

  • Active

Investigation
10/15/2021

Initial Lawsuit
10/15/2021

Lawsuit Progression
12/14/2021

Investigation

  • Continous Holding
    May 7, 2021 to August 16, 2021
  • Proposed Claim
    Securities Violation

Investigation regarding Lightning eMotors statements made in connection with its merger with GigCapital3 (SPAC) and its financial results for the fiscal year 2021.

Main Event

Q2 2021

08/16/2021

SEC Filing

Lightning eMotors reports its Q2 2021 financial results, including loss from operations of $17.9 million compared to $2.7 million during the same period in the prior year. The company also withdrew its prior guidance for the 2021 year.

Tim Reeser, its chief executive officer commented “Our Q2 revenue was constrained by supply chain challenges, which we are now working to remedy through the addition of new suppliers. . . .  Importantly, while we are seeing orders being pushed to 2022 due to unexpected chassis production disruptions and Delta variant-related delays, none of those orders have been cancelled.”

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close Previous close Price variation Percentage variation
$8 $9.63 $-1.63 -16.93%
See more on Factual Timeline

Initial Lawsuit

Plaintiff brings this federal securities class action on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Lightning eMotors securities between May 7, 2021 and August 16, 2021, both dates inclusive.

  • Filing Date
    10/15/2021
  • Class Period
    05/07/2021 to 08/16/2021
  • Transgression
    Securities Violation
  • Filing Firms
    Pomerantz LLP
  • Case Title
    Shafer v. Lightning eMotors, Inc et al
  • Docket Number
    1:21-cv-02774
  • Court
    Colorado District Court
  • Free File
    Complaint

Allegations

According to the complaint, 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 allegedly failed to disclose to investors that:

(i) 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;
(ii) accordingly, the Company materially overstated its financial position and/or prospects; and
(iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

Defendants

  • Company
    Lightning eMotors, Inc.
  • Chief Executive Officer
    Timothy Richard Reeser
  • Chief Financial Officer
    Teresa P. Covington

Lawsuit progression

  • Docket Number
    21-cv-02774
  • Court
    Colorado District Court

The lead plaintiff deadline has passed, we will update this page as the lawsuit progresses.
Last event retrieved on 09/25/2022.

ERRATA re 76 Response to Motion, 80 Reply to Response to Motion by Plaintiffs David P. Sarro, Kevin L. Tye, Jess Q. Williams. (Berens, Jeffrey) (Entered: 09/12/2022)
[stockdio-historical-chart symbol=”ZEV” stockExchange=”NYSENasdaq” width=”500″ height=”330″ motif=”blinds” palette=”humanity” includeVolume=false]

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