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Arcimoto Inc. Investors: Last Days to Participate Actively in the Class Action Lawsuit; Portnoy Law Firm

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Portnoy Law
·2 min read
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Investors with losses are encouraged to contact the firm before June 18, 2021; click here to submit trade information


LOS ANGELES, April 21, 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.

Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.

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.

Please visit our website to review more information and submit your transaction information.

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.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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