SHAREHOLDER ALERT: Law firm Pomerantz is investigating
NEW YORK, June 13, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in LMP Automotive Holdings, Inc. (“LMP” or the “Company”) (NASDAQ:LMPX). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529 ext. 7980.
The investigation relates to whether LMP and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
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On May 19, 2022, LMP disclosed in a filing with the United States Securities and Exchange Commission that on May 16, 2022, the company’s management and audit committee “concluded that the previously condensed consolidated financial statements published by the company as of and for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021 . . . should be restated and should no longer be relied upon primarily due to the following errors: (i) the identification and l incorrect elimination of intercompany transactions, (ii) incorrect estimates of chargeback reserves for financial and insurance products, and (iii) certain financial statement classification errors affecting various financial statement legends of the balance sheet and income statement during the relevant periods.
On this news, LMP’s stock price fell $0.20 per share, or 4.48%, to close at $4.26 per share on May 20, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980