Arcimoto, Inc. Accused of Making Materially False and Misleading Statements in Connection With its IPO

According to the complaint, Arcimoto, Inc. (NasdaqCM: FUV) materially misled the investing public regarding its ability to deliver vehicles to paying customers and failed to disclose that commercial production was not feasible due to the company's inability to produce a safe, reliable, and properly working product.
On July 31, 2017, Arcimoto priced its IPO at $6.50 per share. Between August and September 20, 2017, Arcimoto engaged in a six-week multi-city roadshow to market its common stock to the investing public, raising more than $19 million through the sale of nearly three million shares of common stock. Following the IPO, investors learned that Arcimoto had only delivered one vehicle to a paying customer during the second half of 2017 and was in no position to begin mass production as it had no facility capable of scaled production. The stock now trades at around $3 per share, less than half the price investors paid in the IPO.

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