San Diego, CA -- (SBWIRE) -- 10/27/2021 -- An investor, who purchased shares of Lightning eMotors, Inc. (NYSE: ZEV), filed a lawsuit over alleged violations of Federal Securities Laws by Lightning eMotors, Inc. f/k/a GigCapital3, Inc.

Investors who purchased shares of Lightning eMotors, Inc. (NYSE: ZEV) have certain options and for certain investors are short and strict deadlines running. Deadline: December 14, 2021. NYSE: ZEV investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

In December Lightning eMotors, Inc. has agreed to go public through a reverse merger with GigCapital3 Inc., a SPAC which is a blank-check company. The deal generated gross proceeds of $125 million and gives Lightning Lightning eMotors, Inc a pro-forma equity valuation of around $823 million

On August 16, 2021, after the market closed, Lightning eMotors announced its second quarter 2021 financial results, reporting a net loss of $46.1 million, compared to a net loss of $2.8 million during the prior-year period. The Company also withdrew its fiscal 2021 guidance, stating that it "no longer expects to meet full year guidance" citing among other things "chassis production disruptions."

Shares of Lightning eMotors, Inc. (NYSE: ZEV) declined from $17.25 per share on January 15, 2021, to as low as $7.20 per share on August 25, 2021.

The plaintiff claims that between May 7, 2021 and August 16, 2021, the Defendants made false and/or misleading statements and/or failed to disclose that the Company would record a substantially greater net loss per share in the second quarter of 2021 compared to the second quarter of 2020 and would pull its full year guidance for the remainder of 2021, that accordingly, the Company materially overstated its financial position and/or prospects, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Lightning eMotors, Inc. (NYSE: ZEV) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.