Electric Last Mile Solutions Securities Settlement ($2.7M)

If you purchased publicly-traded common stock of Electric Last Mile Solutions, Inc. (ELMS) between June 9, 2021, and February 1, 2022, you may be eligible to claim a portion of a $2,700,000 class action settlement.

Electric Last Mile Solutions, Inc. has agreed to pay $2,700,000 to settle a class action lawsuit for alleged issuance of false and misleading financial statements during the class period.

Who can submit a claim?

You are considered a Settlement Class Member and are likely eligible to submit a claim if you:

• Purchased ELMS common stock between June 9, 2021, and February 1, 2022
• Suffered a loss due to the alleged false and misleading financial statements

This includes anyone who bought ELMS common stock during this period, regardless of whether they have since sold those shares.

How much can class members get?

The estimated recovery is approximately $0.18 per share.

• For shares retained at the end of trading on May 2, 2022: The recognized loss shall be the lesser of $2.86 per share or the difference between the purchase price per share and $1.59 per share.
• For shares sold on or before February 1, 2022: The recognized loss per share shall be $0.
• For shares sold between February 2, 2022, and May 2, 2022, inclusive: The recognized loss shall be the lesser of $2.86 per share or the difference between the purchase price per share and the average closing price per share as of the date of sale.

The actual recovery will depend on the total recognized losses of all class members and the net settlement fund after deducting attorneys’ fees, litigation expenses, and other costs.

Is proof required to submit a claim?

Yes. Claimants need to provide proof of their purchases and sales of ELMS common stock during the class period. This includes stockbroker’s confirmation slips, stockbroker’s statements, or other documents evidencing each purchase and sale of ELMS common stock listed in the claim form.

How to claim an award

To claim an award, you must complete and submit a Proof of Claim and Release Form. You can file a claim online by visiting the online claim form or by mailing the completed form to the Claims Administrator at the address provided below.

If submitting by mail, send the completed form to:

Electric Last Mile Solutions, Inc. Securities Litigation

c/o Strategic Claims Services

600 N. Jackson St., Ste. 205

P.O. Box 230

Media, PA 19063

For additional instructions, you can contact the Claims Administrator at (866) 274-4004 or email info@strategicclaims.net.

Claim instructions

Follow these steps to submit a claim:

1. Gather all necessary documentation, including stockbroker’s confirmation slips and statements.
2. Complete the Proof of Claim and Release Form, ensuring all information is accurate and complete.
3. Submit the form online at the online claim form or mail it to the Claims Administrator at the address provided above.
4. If mailing, ensure the form is postmarked no later than August 30, 2024.
5. Keep copies of all submitted documents for your records.

How do class members get paid?

Once your claim is approved, you will receive your payment via check mailed to the address provided in your claim form.

$2,700,000 Settlement Fund

The settlement fund of $2,700,000 will cover payments to eligible class members, attorneys’ fees, litigation expenses, and administrative costs.

• Total Settlement Fund: $2,700,000
• Attorneys’ Fees: Up to $900,000 (one-third of the Settlement Fund)
• Litigation Expenses: Up to $36,000
• Case Contribution Award to Plaintiffs: Up to $5,000 total
• Net Settlement Fund: The remaining amount after the above deductions will be distributed to eligible class members.

Important dates

• Deadline to File a Claim: August 30, 2024
• Fairness Hearing: September 20, 2024, at 9:15 a.m.

When is the Electric Last Mile Solutions Securities Litigation payout date?

The payout date will be determined after the Court approves the settlement and all claims have been processed.

Why is there a class action settlement?

The class action settlement was reached to resolve allegations that ELMS issued false and misleading financial statements during the class period. By settling, the parties avoid the cost and risk of a trial, and eligible class members can receive compensation for their losses.

What happens next?

Next, the Court will hold a Fairness Hearing on September 20, 2024, to determine whether to approve the settlement. If approved, the Claims Administrator will process all submitted claims and distribute payments to eligible class members.