LMP Automotive Holdings Inc. filed SEC Form 8-K: Other Events
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Item 8.01. Other Events.
On May 31, 2022, LMP Automotive Holdings, Inc., a Delaware corporation (the “Company”) became aware of a class action shareholder complaint filed on May 27, 2022 in the United States District Court for the Southern District of Florida (the “Court”) against the Company, Sam Tawfik, the Company’s Chief Executive Officer and Robert Bellaflores, the Company’s Chief Financial Officer (collectively, the “Defendants”), captioned Nguyen v. LMP Automotive Holdings, Inc., Samer Tawfik and Robert Bellaflores, Case 0:22-cv-61019-XXXX (S.D. Fl.). The complaint alleges, among other things, that the 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 in violation of the Securities Exchange Act of 1934 (the “Exchange Act”) in connection with Company’s previously disclosed intent to restate its financial statements for the quarterly periods in 2021 primarily due to (i) the improper identification and elimination of intercompany transactions, (ii) incorrect estimates of chargeback reserves for finance and insurance products and (iii) certain financial statement misclassifications impacting various balance sheet and income statement financial statement captions in the relevant periods. The Court has yet to certify the class. The complaint seeks, among other things, compensatory damages.
The Company, the Company’s Board of Directors (the “Board”) and the other Defendants deny all allegations in the complaint that any additional disclosure was or is required. The Company and the other Defendants intend to vigorously defend themselves against all allegations in the complaint.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 3, 2022
| LMP AUTOMOTIVE HOLDINGS, INC. | |||
| By: | /s/ Sam Tawfik | ||
| Name: | Sam Tawfik | ||
| Title: | Chief Executive Officer | ||
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