Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Electric Last Mile Solutions, Inc. (ELMS) on Behalf of Investors

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Electric Last Mile Solutions, Inc. (“Electric Last Mile Solutions” or the “Company”) (NASDAQ: ELMS) investors concerning the Company’s possible violations of the federal securities laws.

If you suffered a loss on your Electric Last Mile Solutions investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/electric-last-mile-solutions-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

On February 1, 2022, Electric Last Mile Solutions announced that the Company would restate its previously issued financial statements from August 20, 2020 (inception) through December 31, 2020, including statements in the Company’s registration statement, and that the Company’s previously issued financial statements should no longer be relied upon. In connection with the restatement, the Company also announced the resignation of its CEO and its Executive Chairman. Following a Special Committee investigation into “certain sales of equity securities” made by and to individuals associated with the Company, Electric Last Mile Solutions determined that in November and December 2020, certain executives purchased equity in the Company “at substantial discounts to market value.”

On this news, Electric Last Mile Solution’s stock price fell more than 28% during after-hours trading on February 1, 2022.

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Whistleblower Notice: Persons with non-public information regarding Electric Last Mile Solutions should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].

About GPM

Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

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