Cases & investigations

Cases & investigations

Lightning eMotors, Inc.

A shareholder class action lawsuit has been filed against Lightning eMotors, Inc. (“Lightning eMotors” or the “Company”) f/k/a GigCapital3, Inc. (“GigCapital3”) (NYSE: ZEV; ZEV.WS) on behalf of investors who purchased the Company’s securities between May 7, 2021 and August 16, 2021, inclusive (the “Class Period”).

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.

On May 6, 2021, Lightning eMotors consummated a business combination (the “Business Combination”) with Lightning Systems, Inc. (“Lightning Systems”) pursuant to a certain Business Combination Agreement, dated as of December 10, 2020, by and among GigCapital3, Project Power Merger Sub, Inc, and Lightning Systems. In connection with the consummation of the Business Combination, the Company changed its name from GigCapital3, Inc. to Lightning eMotors, Inc. 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.

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.

IMPORTANT DEADLINE:  Investors who purchased Lightning eMotors’ securities during the Class Period may, no later than December 14, 2021, seek to be appointed as a lead plaintiff representative in the action.

Lightning eMotors investors who suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by completing the information form on this page, for additional information about the opportunity to actively participate in the action as a lead plaintiff representative.

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