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Investigation announced for Investors in shares of LMP Automotive Holdings, Inc. (NASDAQ: LMPX) over potential Wrongdoing

09-22-2022 04:53 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of current long term investors in LMP Automotive Holdings, Inc. (NASDAQ: LMPX) shares.

An investigation on behalf of current long term investors in LMP Automotive Holdings, Inc. (NASDAQ: LMPX) shares.

An investigation was announced over potential breaches of fiduciary duties by certain directors and officers of LMP Automotive Holdings, Inc..

Investors who are current long term investors in LMP Automotive Holdings, Inc. (NASDAQ: LMPX) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm for current long term investors in NASDAQ: LMPX stocks follows a lawsuit filed against LMP Automotive Holdings, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: LMPX stocks, concerns whether certain LMP Automotive Holdings, Inc. directors are liable in connection with the allegations made in that lawsuit.

According to that complaint filed in the U.S. District Court for the Southern District of Florida the plaintiff alleges that the Defendants failed to disclose to investors that: investors that the Company engaged in the improper identification and elimination of intercompany transactions, that the Company used incorrect estimates for chargeback reserves for finance and insurance products, that the Company had misclassified certain items in its financial statements which impacting balance sheet and income statement financial statement captions, that there were material weaknesses in LMP's internal control over financial reporting, that, as a result of the foregoing, the Company overstated its revenue, that, as a result of the foregoing, the Company would restate certain of its previously issued financial statements and results, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of LMP Automotive Holdings, Inc. (NASDAQ: LMPX) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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