CarLotz Securities Investigation
Our securities attorneys are investigating potential claims on behalf of CarLotz stockholders arising out of the merger of CarLotz with Acamar Partners Acquisition Corp., a special purpose acquisition company (“SPAC”).
CarLotz and Acamar may have misrepresented the nature of the CarLotz business as a means of creating investor support for the company’s public debut.
If you invested in CarLotz and/or Acamar, you may have a claim for relief. Protect your rights by speaking with a Girard Sharp attorney—dial (866) 981-4800 or submit your information below for a free and confidential consultation about your potential claim.
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More About the CarLotz Securities Investigation
CarLotz purports to be a consignment-to-retail used vehicle marketplace operating both online and at a series of retail hubs. By consigning vehicles, instead of following the traditional model of purchasing and reselling, CarLotz claims to operate an “asset-light,” low-risk business model with no capital tied up in inventory. In 2020, CarLotz announced its plans to merge with Acamar. To generate shareholder support in the ensuing months, CarLotz conducted a series of investor presentations which may have contained material misstatements and omissions as to how many corporate consignment partners CarLotz had.
On December 30, 2020, Acamar published a Form 424B3 Prospectus with the SEC that included many of the same alleged misstatements—including that 60% of the company’s inventory derived from a “deep pool” of partners, when in fact one single partner allegedly made up 60% of its inventory.
On January 21, 2021, the merger closed and the new company CarLotz, Inc. debuted with an initial stock price of over $12 per share. On March 15, the company released its financial results for the fourth quarter, revealing the questionable nature of the pre-merger representations of the business model and its success. On the news, the company’s stock price fell 8.5%. On the release of the company’s first quarter 2021 financial report, no changes had been made to the business model, and its stock price fell by another 14%.
If you invested in CarLotz and/or Acamar, protect your rights by speaking with a Girard Sharp attorney—dial (866) 981-4800 or submit your information through the form above.
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