NEWARK, N.J., May 07, 2024 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court for the District of New Jersey has approved the following announcement of a proposed class action settlement that would benefit purchasers of Electric Last Mile Solutions, Inc. publicly-traded common stock (OTCMKTS: ELMSQ):

SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of New Jersey, that a hearing will be held on September 20, 2024, at 9:15 a.m. before the Honorable Michael E. Farbiarz, United States District Judge of the District of New Jersey, Martin Luther King Building & U.S. Courthouse, 50 Walnut Street, Newark, New Jersey 07101, for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action against defendants Jason Luo, James Taylor, Albert Li, Marshall Kiev, and David Boris (the “Individual Defendants”) for consideration including the sum of $2,700,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Lead Counsel for an award of attorneys’ fees of up to one third (⅓)plus interest of the Settlement Amount, reimbursement of expenses of not more than $36,000 and a service payment of no more than $5,000 in total to Plaintiffs, should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Second Amended Stipulation of Settlement, dated March 20, 2024 (the “Stipulation”). The Court reserves the right to reschedule the hearing date or hold the hearing telephonically or by other virtual means.

If you purchased publicly-traded common stock of Electric Last Mile Solutions, Inc. (“ELMS”) between June 9, 2021 and February 1, 2022, both dates inclusive, your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in ELMS common stock. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release Form ("Proof of Claim“), you may obtain copies by writing to or calling the Claims Administrator: Electric Last Mile Solutions, Inc. Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 205, Media, PA 19063; (Toll-Free) (866) 274-4004; (Fax) (610) 565-7985; info@strategicclaims.net. You can also download copies of the Notice and submit your Proof of Claim online at www.strategicclaims.net/ELMS/. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim electronically or postmarked no later than August 30, 2024 to the Claims Administrator, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim.

If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than August 30, 2024, in the manner and form explained in the Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Stipulation.
        
Any objection to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and award to Plaintiffs must be in the manner and form explained in the detailed Notice and received no later than August 30, 2024, by each of the following:

If you have any questions about the Settlement, you may call or write to Lead Counsel:

Laurence Rosen, Esq.
THE ROSEN LAW FIRM, P.A.
One Gateway Center, Suite 2600
Newark, NJ 07102
(973) 313-1887
info@rosenlegal.com

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.