The Gross Law Firm Announces Class Actions on Behalf of Shareholders of ELMS, MP and CELH

2022-03-24

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NEW YORK, NY / ACCESSWIRE / March 24, 2022 /The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery.

Electric Last Mile Solutions, Inc. f/k/a Forum Merger III Corp. (NASDAQ:ELMS)

Investors Affected: March 31, 2021 - February 1, 2022

A class action has commenced on behalf of certain shareholders in Electric Last Mile Solutions, Inc f/k/a Forum Merger III Corp. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) ELMS's previously issued financial statements were false and unreliable; (2) ELMS's earlier reported financial statements would need restatement; (3) certain ELMS executives and/or directors purchased equity in the Company at substantial discounts to market value without obtaining an independent valuation; (4) on November 25, 2021 (Thanksgiving), the Company's Board formed an independent Special Committee to conduct an inquiry into certain sales of equity securities made by and to individuals associated with the Company; and (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.

Shareholders may find more information at https://securitiesclasslaw.com/securities/electric-last-mile-solutions-inc-f-k-a-forum-merger-iii-corp-loss-submission-form/?id=25146&from=1

MP Materials Corp. f/k/a Fortress Value Acquisition Corp. (NYSE:MP)

Investors Affected: May 1, 2020 - February 2, 2022

A class action has commenced on behalf of certain shareholders in MP Materials Corp f/k/a Fortress Value Acquisition Corp. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Fortress Value Acquisition Corp. ("FVAC") had overstated its due diligence efforts and expertise with respect to identifying target companies to acquire; (ii) FVAC performed inadequate due diligence into Legacy MP Materials prior to the business combination, or else ignored significant red flags regarding, inter alia, Legacy MP Materials' management, compliance policies, and Mountain Pass's profitability; (iii) as a result, the Company's future business and financial prospects post-business combination were overstated; (iv) MP Materials engaged in an abusive transfer price manipulation scheme with a related party in the People's Republic of China to artificially inflate the Company's profits; (v) MP Materials' ore at the Mountain Pass Rare Earth Mine and Processing Facility was not economically viable to harvest for rare earth metals; and (vi) as a result, the Company's public statements were materially false and misleading at all relevant times.

Shareholders may find more information at https://securitiesclasslaw.com/securities/mp-materials-corp-f-k-a-fortress-value-acquisition-corp-loss-submission-form/?id=25146&from=1

Celsius Holdings, Inc. (NASDAQ:CELH)

Investors Affected : August 12, 2021 - March 1, 2022

A class action has commenced on behalf of certain shareholders in Celsius Holdings, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the Company had improperly recorded expenses for non-cash share-based compensation for second and third quarters of 2021; (2) as a result, the Company's financial statements for those periods would be restated, including to report a net loss for the third quarter of 2021; (3) there was a material weakness in Celsius's internal controls over financial reporting; and (4) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Shareholders may find more information at https://securitiesclasslaw.com/securities/celsius-holdings-inc-loss-submission-form/?id=25146&from=1

The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

The Gross Law Firm 15 West 38th Street, 12th floor New York, NY, 10018 Email: dg@securitiesclasslaw.com Phone: (212) 537-9430 Fax: (833) 862-7770

SOURCE: The Gross Law Firm

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