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New Orleans, Louisiana--(Newsfile Corp. - July 29, 2021) - Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until September 7, 2021 to file lead plaintiff applications in a securities class action lawsuit against CarLotz, Inc. (NASDAQ: LOTZ) (NASDAQ: LOTZW), if they purchased the Company's securities between December 30, 2020 and May 25, 2021, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased securities of CarLotz and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-lotz/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by September 7, 2021.
About the Lawsuit
CarLotz and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 10, 2021, the Company disclosed disappointing 1Q2021 financial results including gross profit per unit of $1,182, below expectations of between $1,300 and $1,500. On this news, the Company's shares fell by more than 14%. Then, on May 26, 2021, the Company disclosed that "in light of current wholesale market conditions," a significant vehicle consignment sourcing partner had halted consignments to the Company.
On this news, shares of CarLotz fell $0.70, or 13.4%, to close at $4.51 per share on May 26, 2021, on unusually heavy trading volume.
The case is Erdman v. CarLotz, Inc., No. 21-cv-05906.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients - including public institutional investors, hedge funds, money managers and retail investors - in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91669