Board directors and officers at electric sport-utility maker Arcimoto are facing two separate investor suits alleging the executives made misleading claims about orders for the company’s three-wheeled vehicles.
Shareholder plaintiffs An Liu, filing in the U.S. District Court for the Eastern District of New York, and Reynold Laguerre, filing in the U.S. District Court for the District of Oregon, each alleged gross mismanagement, material misstatements or omissions, and breach of fiduciary duty by Arcimoto’s directors and officers.
The June 30 complaints cite a March report from Bonitas Research that said only 19 of Arcimoto’s claimed 422 pre-orders for its electric ...
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