According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- 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;
- Arcimoto failed to disclose to customers that nearly 100% of its vehicles delivered were under safety recall;
- Arcimoto’s largest customer, R-Key-Moto, was an undisclosed related party owned by insider FOD Capital, LLC;
- Arcimoto’s partnership with HULA was an undisclosed related party transaction; and
- As a result, defendants’ public statements were materially false and/or misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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