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Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement of Arcimoto Securities Litigation

September 12, 2019

SAN FRANCISCO--(BUSINESS WIRE)--Sep 12, 2019--

The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Arcimoto Securities Litigation:

SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENT
Switzer v. W.R. Hambrecht & Co., LLC, et al.,
S
an Francisco County Superior Court
Lead Case No. CGC-18-564904

YOU ARE HEREBY NOTIFIED that a hearing will be held on March 13, 2020, at 10:30 a.m., in Department 613 of the Superior Court of California, County of San Francisco (the “Court”), located at 400 McAllister Street, San Francisco, CA 94102, to determine whether: (1) the proposed settlement (the “Settlement”) of the above-captioned action as set forth in the Amended Stipulation of Settlement (“Stipulation”) 1 for $2,450,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) the Plan of Allocation should be approved by the Court as fair, reasonable and adequate; (3) to award Plaintiffs’ Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Proposed Class Action Settlement (“Notice”), which is discussed below); and (4) to pay awards to Class Representatives in connection with their representation of the Class out of the Settlement Fund.

This Action is a securities class action brought on behalf of those Persons who purchased the common stock of Arcimoto between June 22, 2017 and September 21, 2017, inclusive, in connection with Arcimoto’s September 21, 2017 initial public offering (“IPO”) and against Arcimoto, certain of its executives, directors, and the underwriter of Arcimoto’s IPO (collectively, “Defendants”) for, among other things, allegedly misstating and omitting material facts from the Prospectus filed with the U.S. Securities and Exchange Commission in connection with the IPO. More specifically, Class Representatives allege that the Prospectus was materially misleading and omitted other material facts concerning Arcimoto’s then-existing production capabilities of its three-wheeled electric vehicle. Defendants deny all of Class Representatives’ allegations. Defendants expressly have denied and continue to deny all charges of wrongdoing or liability against them arising out of any of the conduct, statements, acts, or omissions alleged, or that could have been alleged, in the Litigation, and also have denied and continue to deny the allegations that Plaintiffs or Class Members have suffered damage, or were otherwise harmed by the conduct alleged in the Litigation. The Court has not ruled on the merits of Plaintiffs’ claims or Defendants’ defenses.

IF YOU PURCHASED ARCIMOTO COMMON STOCK BETWEEN JUNE 22, 2017 AND SEPTEMBER 21, 2017, INCLUSIVE, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.

To share in the distribution of the Net Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release form (“Proof of Claim”) by mail ( postmarked no later than January 6, 2020) to:

Arcimoto Securities Litigation
Claims Administrator
c/o Gilardi & Co LLC
P.O. Box 43137
Providence, RI 02940-3141

or electronically ( no later than January 6, 2020) at www.ArcimotoSecuritiesLitigation.com. Your failure to submit your Proof of Claim by January 6, 2020, will subject your claim to possible rejection and may preclude you from receiving any of the recovery in connection with the Settlement of this Action. If you are a member of the Class and do not request exclusion therefrom, you will be bound by the Settlement and any judgment and release entered in the Litigation, including, but not limited to, the Final Judgment, whether or not you submit a Proof of Claim. Plaintiffs’ Settlement Counsel represents you and other members of the Class. If you want to be represented by your own lawyer, you may hire one at your expense.

If you have not received a copy of the Notice, which includes the precise Class definition and exceptions to Class membership and more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement or opt out of the Class), and a Proof of Claim, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice), other briefs and declarations submitted to the Court in support of preliminary approval of the Settlement, the Court’s Order Granting Plaintiffs’ Motion for Preliminary Approval of Class Action Settlement, and the operative complaint filed in the Action, online at www.ArcimotoSecuritiesLitigation.com, or by writing to:

Arcimoto Securities Litigation
Claims Administrator
c/o Gilardi & Co LLC
P.O. Box 43137
Providence, RI 02940-3141

In addition, the papers in support of final approval of the Settlement will be posted to the website after they are filed on December 20, 2019.

Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.

Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to a representative of Plaintiffs’ Settlement Counsel:

ROBBINS GELLER RUDMAN & DOWD LLP
Rick Nelson
Shareholder Relations
655 West Broadway, Suite 1900
San Diego, CA 92101
Telephone: 800/449-4900

ALL MEMBERS OF THE CLASS WHO DO NOT REQUEST EXCLUSION FROM THE CLASS IN ACCORDANCE WITH THE INSTRUCTIONS SET FORTH IN THE NOTICE WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.

IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY CLASS COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES AND EXPENSES, AND/OR THE AWARDS TO CLASS REPRESENTATIVES. ANY OBJECTION MUST BE SENT TO THE CLAIMS ADMINISTRATOR AT THE FOLLOWING ADDRESS:

Arcimoto Securities Litigation
Claims Administrator
c/o Gilardi & Co. LLC
OBJECTIONS
3301 Kerner Boulevard
San Rafael, CA 94901

POSTMARKED NO LATER THANJANUARY 6, 2020, AND IN THE MANNER AND FORM EXPLAINED IN THE NOTICE:

1 The Stipulation, and other relevant documents related to the Settlement, can be viewed and/or obtained at www.ArcimotoSecuritiesLitigation.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190912005001/en/

CONTACT: Robbins Geller Rudman & Dowd LLP

Shareholder Relations

Rick Nelson

1- 619-231-1058

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Robbins Geller Rudman & Dowd LLP

Copyright Business Wire 2019.

PUB: 09/12/2019 11:00 AM/DISC: 09/12/2019 11:00 AM

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