GlobeNewswire

LMP Automotive Class Action Complaint Filed: Johnson Fistel, Globally Recognized Law Firm Encourages Shareholders to Submit Their Losses

SAN DIEGO, May 27, 2022 (GLOBE NEWSWIRE) --

Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of LMP Automotive Holdings, Inc. (“LMP” or the “Company”) (NASDAQ: LMPX). The class action is on behalf of shareholders who purchased LMP securities between June 29, 2021 and May 19, 2022, both dates inclusive (the “Class Period”). Investors are hereby notified that they have until July 26, 2022 to move the Court to serve as lead plaintiff in this action.

What actions may I take at this time? If you suffered a loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number.

To join this action, you can click or copy and paste the link below in a browser:

https://www.johnsonfistel.com/investigations/lmp-automotive-holdings-inc-class-action-complaint

There is no cost or obligation to you.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: investors: (1) that the Company engaged in the improper identification and elimination of intercompany transactions; (2) that the Company used incorrect estimates for chargeback reserves for finance and insurance products; (3) that the Company had misclassified certain items in its financial statements which impacting balance sheet and income statement financial statement captions; (4) that there were material weaknesses in LMP’s internal control over financial reporting; (5) that, as a result of the foregoing, the Company overstated its revenue; (6) that, as a result of the foregoing, the Company would restate certain of its previously issued financial statements and results; and (7) that, 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.

A lead plaintiff will act on behalf of all other class members in directing the LMP class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the LMP class action lawsuit is not dependent upon serving as lead plaintiff. For more information regarding the lead plaintiff process please refer to https://www.johnsonfistel.com/lead-plaintiff-deadlines.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
Investor Relations
jimb@johnsonfistel.com