REMINDER: Lightning eMotors, Inc. f / k / a GigCapital3, Inc. Investors who have suffered substantial losses have the option of bringing a class action lawsuit


SAN DIEGO, November 15, 2021 / PRNewswire / – Robbins Geller Rudman & Dowd LLP announces that purchasers or purchasers of Lightning eMotors, Inc. f / k / a GigCapital3, Inc. (NYSE: VZE; ZEV.WS) between May 7, 2021 and August 16, 2021, inclusive (the “Recourse Period”) until December 14, 2021 to seek appointment as principal applicant in Shafer v Lightning eMotors, Inc., n ° 21-cv-02774. Started on October 15, 2021 in the neighborhood of Colorado, the Lightning electric motors A class action lawsuit accuses Lightning eMotors and some of its senior executives of violations of the Securities Exchange Act of 1934.

If you wish to serve as the principal applicant of the Lightning electric motors class action lawsuit, please provide your information by clicking here. You can also contact Robbins Geller’s lawyer JC Sanchez by calling 800 / 449-4900 or emailing [email protected] Principal applicant’s requests for Lightning electric motors the class action must be filed with the court at the latest December 14, 2021.

CASE ALLEGATIONS: Prior to its business combination with Lightning eMotors, GigCapital3 was a Special Purpose Acquisition Company (“SPAC”), also known as a Blank Check Company, incorporated for the purpose of completing a merger, exchange of shares, an acquisition of assets, a purchase of shares, recapitalization, reorganization or similar business combination with one or more companies or entities. At May 6, 2021, Lightning eMotors has entered into a business combination with Lightning Systems, Inc. pursuant to an agreement between GigCapital3, Project Power Merger Sub, Inc. and Lightning Systems. At May 7, 2021, the common shares and warrants of Lightning eMotors began trading on the New York Stock Exchange under the symbols “ZEV” and “ZEV.WS”, respectively.

The Lightning electric motors The Class Action Alleges that, throughout the Class Period, the Defendants made false and misleading statements and failed to disclose that: (i) Lightning eMotors would experience a significantly higher net loss per share in the second quarter of 2021 compared to the second quarter of 2020 and would withdraw its annual forecast for the remainder of 2021; (ii) as a result, Lightning eMotors significantly overstated its financial condition and / or prospects; and (iii) accordingly, the public statements of Lightning eMotors were materially false and misleading at all material times.

At August 16, 2021, Lightning eMotors announced its financial results for the second quarter of 2021, including a net loss per share of $ 0.79 compared to a loss of $ 0.10 in the second quarter of 2020. Lightning eMotors also withdrew its financial guidance for the remainder of 2021, just days after announcing a multi-year agreement with Forest river, a Berkshire Hathaway company. At this news, the Lightning eMotors stock price fell nearly 17%, hurting investors.

Robbins Geller Rudman & Dowd LLP launched a dedicated SPAC working group protect investors in blank check companies and seek redress for malpractice. Comprised of experienced litigators, investigators and forensic accountants, the PSPC task force is dedicated to eradicating and prosecuting fraud on behalf of aggrieved PSPC investors. The increase in blank check financing presents unique risks for investors. Robbins Geller’s PSPC Task Force represents the forefront of integrity, honesty and fairness in this rapidly developing area of ​​investment.

THE MAIN COMPLAINANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Lightning eMotors securities during the period covered by the action to seek appointment as a principal plaintiff in the Lightning electric motors class action lawsuit. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class which is also typical and adequate of the putative class. A lead applicant acts on behalf of all other class members by ordering Lightning electric motors class action lawsuit. The lead plaintiff can choose a law firm of their choice to litigate the Lightning electric motors class action lawsuit. The ability of an investor to participate in any potential future recovery of the Lightning electric motors the class action is not dependent on serving as the principal plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions. Robbins Geller lawyers have secured many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $ 7.2 billion – in In re Enron Corp. Dry. Litigation. 2020 ISS Securities Class Action Services Top 50 report ranked Robbins Geller # 1 for recovery $ 1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiff firm. Please visit http://www.rgrdlaw.com for more information.

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Contact:
Robbins Geller Rudman & Dowd LLP
655 West Broadway, San Diego, CA 92101
JC Sanchez, 800-449-4900
[email protected]

Cision

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SOURCE Robbins Geller Rudman & Dowd LLP


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