GlobeNewswire Inc | Apr 20, 2021 06:08PM EDT

April 20, 2021

NEW YORK, April 20, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Arcimoto Inc. (Acrimoto or the Company) (NASDAQ: FUV) in the United States District Court for the Eastern District of New York on behalf of those who purchased or acquired the securities of Arcimoto between February 14, 2018 and March 22, 2021, inclusive (the Class Period). The lawsuit seeks to recover damages for investors under the federal securities laws.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the preorders of Arcimotos Fun Utility Vehicles (FUVs) were fabricated or never completed, with only 19 units delivered out of an alleged preorder of 422; (2) Arcimoto failed to disclose to customers that nearly 100% of its vehicles delivered were under safety recall; (3) Arcimotos largest customer, R-Key-Moto, was an undisclosed related party owned by insider FOD Capital, LLC; (4) Arcimotos partnership with HULA was an undisclosed related party transaction; and (5) as a result, Defendants public statements were materially false and/or misleading at all relevant times.

Investors who purchased or otherwise acquired shares of Arcimoto during the Class Period should contact the Firm prior to the June 18, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.