According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- ELMS’s previously issued financial statements were false and unreliable;
- ELMS’s earlier reported financial statements would need restatement;
- certain ELMS executives and/or directors purchased equity in the Company at substantial discounts to market value without obtaining an independent valuation;
- on November 25, 2021 (Thanksgiving), the Company’s Board formed an independent Special Committee to conduct an inquiry into certain sales of equity securities made by and to individuals associated with the Company; and
- as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis 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.
Attorney Advertising. Prior results do not guarantee a similar outcome.