ELMS
Electric Last Mile Solutions, Inc. Class A Common stock
stock NASDAQ

For traders who follow price-moving events, this sequence is worth understanding.
November 2021: ELMS board forms a Special Committee to investigate executives buying company equity at steep discounts. No independent valuation. No disclosure.
January 2022: Special Committee findings delivered. Financial statements covering the relevant period declared unreliable. Full restatement required.
**February 2, 2022:**
* CEO James Taylor resigns
* Executive Chairman Jason Luo resigns
* Same day
* Restatement confirmed publicly
* **$ELMS drops 51% in one session**
Two C-suite exits on the same day is never a planned transition. It's a forced exit, and the market priced it accordingly in real time.
BDO USA, the auditor that signed off on the financial statements, ended up as a co-defendant in the lawsuit that followed.
$899K settlement. Deadline to [submit a claim](https://11th.com/cases/ellms-investors-settlement) is on June 6, 2026. Just a few days away.
You're eligible if you held $ELMS between **June 9, 2021 and February 1, 2022.** Payout: \~$0.017/share.
Two simultaneous C-suite resignations on a restatement day is one of the cleaner "something is very wrong" signals in trading. Anyone here caught the 51% drop in real time?

For traders who follow price-moving events, this sequence is worth understanding.
November 2021: ELMS board forms a Special Committee to investigate executives buying company equity at steep discounts. No independent valuation. No disclosure.
January 2022: Special Committee findings delivered. Financial statements covering the relevant period declared unreliable. Full restatement required.
**February 2, 2022:**
* CEO James Taylor resigns
* Executive Chairman Jason Luo resigns
* Same day
* Restatement confirmed publicly
* **$ELMS drops 51% in one session**
Two C-suite exits on the same day is never a planned transition. It's a forced exit, and the market priced it accordingly in real time.
BDO USA, the auditor that signed off on the financial statements, ended up as a co-defendant in the lawsuit that followed.
$899K settlement. Deadline to [submit a claim](https://11th.com/cases/ellms-investors-settlement) is on June 6, 2026. Just a few days away.
You're eligible if you held $ELMS between **June 9, 2021 and February 1, 2022.** Payout: \~$0.017/share.
Two simultaneous C-suite resignations on a restatement day is one of the cleaner "something is very wrong" signals in trading. Anyone here caught the 51% drop in real time?