CarLotz hit with investor lawsuit after share decline after SPAC hit

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""SPAC Stock"" – Google News

Law360 (Jul 12, 2021, 7:16 PM EDT) – Used car maker CarLotz was hit by a proposed securities class action lawsuit over allegations the company made misleading statements that caused its stock price to fall further more than half since IPO at the beginning of the year.

Daniel Erdman sued the company in New York federal court Thursday on behalf of investors who bought CarLotz shares between December 30, 2020 and May 25, 2021.

Erdman says he suffered losses because the company made misleading statements about its profits and the impact of growing car stocks, which “created an unrealistically positive assessment of the company and …

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