According to the Complaint, Arcimoto Inc. is purportedly engaged in the business of manufacturing ultra-efficient three-wheeled electric vehicles.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the preorders of Arcimoto’s Fun Utility Vehicles (“FUVs”) were fabricated or never completed, with only 19 units delivered out of an alleged preorder of 422; (2) Arcimoto failed to disclose to customers that nearly 100% of its vehicles delivered were under safety recall; (3) Arcimoto’s largest customer, R-Key-Moto, was an undisclosed related party owned by insider FOD Capital, LLC; (4) Arcimoto’s partnership with HULA was an undisclosed related party transaction; and (5) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

On July 14, 2021, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 21-CV-02143.

Lead Plaintiff filed a consolidated amended Complaint on September 20, 2021. Defendants filed a Motion to Dismiss the consolidated amended Complaint on March 11, 2022. On December 22, the Court issued an Order granting Defendants' Motion to Dismiss and directed the Clerk of Court to enter judgment.