Lightning eMotors Inc.

Lightning eMotors Inc.

Ticker: ZEV

Class Period Start: 05/07/2021

Class Period End: 08/16/2021

Registration Deadline: 12/14/2021

Lightning eMotors, Inc. (“Lightning” or the “Company”), formerly GigCapital3, Inc., is a designer and manufacturer of electric vehicles, including battery-electric vans, trucks and buses.

On August 16, 2021, after the market closed, Lightning 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.”

On this news, the Company’s share price fell $1.63, or 16.93%, to close at $8.00 per share on August 17, 2021.

A securities class action has been filed against Lightning on behalf of shareholders that purchased Lightning shares between May 7, 2021 through August 16, 2021.  This case has been filed in the U.S. District Court for the District of Colorado.

The complaint filed alleges that throughout the Class Period, the defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) 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; (2) accordingly, the Company materially overstated its financial position and/or prospects; and (3) 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.

If you suffered a loss on your investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

An attorney will contact you at no cost to provide you information about joining the action and answer your questions. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.

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