Kaskela Law LLC is investigating Arcimoto, Inc. (“Arcimoto” or the “Company”) (NASDAQ: FUV) on behalf of the Company’s long-term shareholders.
Recently a shareholder class action complaint was filed against Arcimoto on behalf of investors who purchased shares of the Company’s common stock between October 2, 2019 and March 22, 2021. According to the complaint, during that time period Arcimoto and certain of the Company’s senior executive officers made a series of false and misleading statements to investors.
As detailed in the complaint, on March 23, 2021, Bonitas Research LLC published a report documenting, among other things, Arcimoto’s failure to disclose significant undisclosed related-party transactions between Arcimoto and entities controlled by FOD Capital LLC, a large company stockholder. Following this news, shares of the Company’s common stock declined $1.10 per share, on heavy trading volume.
Subsequently, on April 29, 2021, Arcimoto admitted that it had engaged in related-party transactions with FOD Capital, in direct contradiction to the Company’s prior representations. By that date, shares of the Company’s common stock had declined in value to $10.45 per share.
The firm’s investigation seeks to determine whether the members of Arcimoto’s board of directors violated the securities laws or breached their fiduciary duties to the Company and its stockholders in connection with the above alleged misconduct.
Arcimoto shareholders who purchased or acquired shares of the Company’s common stock prior to June 29, 2020 are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 299 – 0750, or by completing the form on this page, for additional information about this investigation and their legal rights and options.