NEW YORK, June 20, 2022 /PRNewswire/ — 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 focuses on whether LMP and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
On May 19, 2022LMP disclosed in the filing with the United States Securities and Exchange Commission that the May 16, 2022the company’s management and audit committee “has concluded that the company’s previously issued condensed consolidated financial statements for the quarters ended March 31, 2021, June 30, 2021and September 30, 2021 . . . should be restated and should no longer be invoked primarily due to the following errors: (i) incorrect identification and elimination of intercompany transactions, (ii) incorrect estimates of chargeback reserves for financial and insurance products, and (iii) certain misclassifications in the financial statements affecting various legends of the balance sheet and income statement financial statements during the relevant periods. »
At this news, the LMP share 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, Parisand 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
SOURCE Pomerantz LLP