The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Arcimoto, Inc. (FUV)

The Law Offices of Frank R. Cruz reminds investors of the upcoming June 18, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Arcimoto, Inc. (“Arcimoto” or the “Company”) (NASDAQ: FUV) securities between February 14, 2018 and March 22, 2021, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On March 23, 2021, Bonitas Research published a report alleging that Arcimoto had delivered “less than 5%” of the pre-orders it had touted since 2018 and that the Company’s largest customer is secretly owned and operated by an undisclosed related party, FOD Capital, LLC. Moreover, the report alleged that one day before Arcimoto touted a 90-day trial for first responder units in Orlando, the Company had filed a total production recall notice “due to safety issues with the electronic drivers in the vehicles which can ‘lead to unexpected battery shutdown and immediate loss of traction-power.’”

On this news, the Company’s stock price fell $1.10 per share, or approximately 6.56%, to close at $15.67 per share on March 23, 2021.

The complaint filed alleges that throughout the Class Period, 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 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; (2) Arcimoto failed to disclose to customers that nearly 100% of its vehicles delivered were under safety recall; (3) Arcimoto’s largest customer, R-Key-Moto, was an undisclosed related party owned by insider FOD Capital, LLC; and (4) Arcimoto’s partnership with HULA was an undisclosed related party transaction; (5) 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.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased or otherwise acquired Arcimoto securities during the Class Period, you may move the Court no later than June 18, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210616005365/en/

The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Arcimoto, Inc. (FUV)