Investors with losses are encouraged to contact the firm before June 18, 2021; click here to submit trade information
LOS ANGELES, May 04, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Arcimoto, Inc. (NASDAQ: FUV) investors that acquired shares between February 14, 2018 and March 22, 2021. Investors have until June 18, 2021 to seek an active role in this litigation.
It is alleged in this complaint that Arcimoto made false and misleading statements to the market. Out of 422 alleged pre-orders for Arcimoto’s Fun Utility Vehicles, only 19 units were delivered to customers. Arcimoto failed to disclose to its customers that almost all of its FUVs were subject to a safety recall. R-Key-Moto, Arcimoto’s largest customer, was actually an undisclosed related party owned by insider FOD Capital, LLC. In addition, Arcimoto’s partnership with HULA was an undisclosed related party transaction. Arcimoto’s public statements were false and materially misleading, based on these facts. Investors suffered damages when the market learned the truth about Arcimoto.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 18, 2021.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.