The Lion Electric Company Common Shares (NYSE: LEV) – ClaimsFiler

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March 22, 2024

The Lion Electric Company Common Shares (NYSE: LEV)


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20 Days left to seek lead plaintiff status.

Company Name:The Lion Electric Company Common Shares
Stock Symbol:NYSE: LEV
Class Period Start:11/30/2020
Class Period End (inclusive):03/22/2024
Filing Deadline:05/21/2024

On March 22, 2024, The Lion Electric Company, Northern Genesis Acquisition Corp. (“NGA”) and others were sued for violations of the federal securities laws in the United States District Court for the Southern District of New York in connection with the business combination (the “Merger”) between NGA and Legacy Lion Electric, whereby NGA’s shareholders were induced to convert their shares in NGA into stock in the post-Merger Lion Electric.

 

The Lion Electric Company Common Shares (NYSE: LEV) Claim Form

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Recent Security Class Actions

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March 22, 2024

The Lion Electric Company Common Shares (NYSE: LEV)


Warning: Undefined variable $expAlert in /home/devsky5/public_html/claimsfiler_public/wp-content/themes/Claims-2021/template-parts/content.php on line 98

20 Days left to seek lead plaintiff status.

Company Name:The Lion Electric Company Common Shares
Stock Symbol:NYSE: LEV
Class Period Start:11/30/2020
Class Period End (inclusive):03/22/2024
Filing Deadline:05/21/2024

This action stems from a proposed transaction announced on November 30, 2020, pursuant to which The Lion Electric Company would be acquired by Northern Genesis Acquisition Corp. ("NGA").

NGA was formed as a special purpose acquisition company. Lion Electric markets itself as a designer, manufacturer, and direct seller of electric school buses and trucks.

On March 24, 2021, Defendants filed a proxy statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Proxy Statement omitted material information with respect to the Proposed Transaction, rendering the Proxy Statement false and misleading. Specifically, the Complaint alleges that Defendants: (i) used materially deceptive "risk factor" statements to withhold the truth about problems facing Lion Electric, including supply chain problems with its suppliers and sub-suppliers; (ii) misled NGA's stockholders about Lion Electric's prospects using grossly unrealistic financial projections; and (iii) failed to provide NGA stockholders with the "net cash" value of their shares – the key disclosure about the fundamental purchasing power their NGA shares represented.

On May 6, 2021, NGA completed the Merger with Lion Electric, which continues to operate as The Lion Electric Company. NGA survived the Merger as a wholly-owned subsidiary of Lion Electric Company.

The Lion Electric Company Common Shares (NYSE: LEV) Claim Form

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