NEW YORK, April 6, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors Arcimoto, Inc. ("Arcimoto" or the "Company")(NASDAQ: FUV). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Arcimoto and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 23, 2021, Bonitas Research ("Bonitas") published a short-seller report addressing Arcimoto. In the report, Bonitas alleged that Arcimoto fabricated pre-orders to generate fake demand, only delivered on 19 of the 422 alleged pre-orders since 2018, sold 13 of these 19 pre-orders to an undisclosed related party, and failed to notify customers that Arcimoto had filed a total production recall notice with the the National Highway Traffic Safety Administration.
Following publication of the Bonitas report, Arcimoto's stock price fell $1.10 per share, or approximately 6.56%, to close at $15.67 on March 23, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP