LOS ANGELES, CA / ACCESSWIRE / June 16, 2021 / The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Arcimoto, Inc. ('Arcimoto' or 'the Company') (NASDAQ:FUV) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between February 14, 2018 and March 22, 2021, inclusive (the ''Class Period''), are encouraged to contact the firm before June 18, 2021.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Out of 422 alleged preorders for Arcimoto's Fun Utility Vehicles ('FUVs'), the Company only delivered 19 units to customers. The Company failed to disclose to its customers that almost all of its FUVs were subject to safety recall. The Company's largest customer, R-Key-Moto, was actually an undisclosed related party owned by insider FOD Capital, LLC. The Company's partnership with HULA was also an undisclosed related party transaction. Based on these facts, the Company's public statements were false and materially misleading. When the market learned the truth about Arcimoto, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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SOURCE: The Schall Law Firm