Kaskela Law LLC announces that it is investigating Lightning eMotors, Inc. (NYSE: ZEV / NYSE: GIK) on behalf of the company’s long-term stockholders.
The investigation is focused on whether the members of Lightning eMotors’ board of directors violated the securities laws or breached their fiduciary duties to stockholders in connection with recent corporate actions and disclosures.
Lightning eMotors designs, manufactures, and sells electric vehicles. The current company was formed in May 2021 via a business combination with SPAC entity GigCapital3, Inc. (“GigCapital3”) (NYSE: GIK), with Lightning eMotors as the surviving, public entity.
On August 16, 2021, Lightning eMotors announced the Company’s financial results for the second quarter of 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, shares of Lightning eMotors’ stock fell $1.63 per share, or 17% in value, to close at $8.00 per share on August 17, 2021.
Current Lightning eMotors stockholders who purchased or acquired HYZN or DCRB shares prior to March 15, 2021 are encouraged to contact Kaskela Law LLC (David Seamus Kaskela, Esq.) at (888) 715 – 1740, or by completing the information form on this page, for additional information about this investigation and their legal rights and options.