Lead Plaintiff Deadline: 06/18/2021
SUMMARY OF CASE:
A securities class action has been filed Arcimoto Inc. (FUV) on behalf of the purchasers of the securities of Arcimoto between February 14, 2018 through March 22, 2021. This case has been filed in the USDC – E.D.N.Y.
The Complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the preorders of Arcimoto’s Fun Utility Vehicles (“FUVs”) were fabricated or never completed, with only 19 units delivered out of an alleged preorder of 422; (2) Arcimoto failed to disclose to customers that nearly 100% of its vehicles delivered were under safety recall; (3) Arcimoto’s largest customer, R-Key-Moto, was an undisclosed related party owned by insider FOD Capital, LLC; (4) Arcimoto’s partnership with HULA was an undisclosed related party transaction; and (5) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.