{"id":516631,"date":"2021-07-22T15:06:10","date_gmt":"2021-07-22T19:06:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/carlotz-deadline-robbins-geller-rudman-dowd-llp-announces-upcoming-opportunity-for-investors-with-substantial-losses-to-lead-the-carlotz-inc-class-action-lawsuit-lotz\/"},"modified":"2021-07-22T15:06:10","modified_gmt":"2021-07-22T19:06:10","slug":"carlotz-deadline-robbins-geller-rudman-dowd-llp-announces-upcoming-opportunity-for-investors-with-substantial-losses-to-lead-the-carlotz-inc-class-action-lawsuit-lotz","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/carlotz-deadline-robbins-geller-rudman-dowd-llp-announces-upcoming-opportunity-for-investors-with-substantial-losses-to-lead-the-carlotz-inc-class-action-lawsuit-lotz\/","title":{"rendered":"CARLOTZ DEADLINE &#8211; Robbins Geller Rudman &amp; Dowd LLP Announces Upcoming Opportunity for Investors with Substantial Losses to Lead the CarLotz, Inc. Class Action Lawsuit &#8211; LOTZ"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">SAN DIEGO<\/span>, <span class=\"xn-chron\">July 22, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0The <i>CarLotz<\/i> class action lawsuit charges CarLotz, Inc. (NASDAQ: LOTZ, LOTZW) and certain of its top executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of CarLotz securities between <span class=\"xn-chron\">December 30, 2020<\/span> and <span class=\"xn-chron\">May 25, 2021<\/span>, inclusive (the &#8220;Class Period&#8221;).\u00a0 The <i>CarLotz<\/i> class action lawsuit (<i>Erdman v. CarLotz, Inc.<\/i>, No. 21-cv-05906) was commenced on <span class=\"xn-chron\">July 8, 2021<\/span> in the Southern District of <span class=\"xn-location\">New York<\/span> and is assigned to Judge <span class=\"xn-person\">Ronnie Abrams<\/span>.<\/p>\n<p>\n        <b>If you wish to serve as lead plaintiff of the <i>CarLotz<\/i> class action lawsuit, please <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3235867-1&amp;h=2241352444&amp;u=https%3A%2F%2Fwww.rgrdlaw.com%2Fcases-carlotz-inc-class-action-lawsuit-lotz.html&amp;a=provide+your+information+by+clicking+here\" rel=\"nofollow noopener\">provide your information by clicking here<\/a>.\u00a0 You can also contact attorney <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3235867-1&amp;h=1261481658&amp;u=https%3A%2F%2Fwww.rgrdlaw.com%2Fattorneys-Juan-Carlos-Sanchez.html&amp;a=J.C.+Sanchez\" rel=\"nofollow noopener\">J.C. Sanchez<\/a> of Robbins Geller by calling 800\/449-4900 or via e-mail at <a target=\"_blank\" href=\"mailto:jsanchez@rgrdlaw.com\" rel=\"nofollow noopener\">jsanchez@rgrdlaw.com<\/a>.\u00a0 Lead plaintiff motions for the <i>CarLotz <\/i>class action lawsuit must be filed with the court no later than <span class=\"xn-chron\">September 7, 2021<\/span>.<\/b>\n      <\/p>\n<p>\n        <b>CASE ALLEGATIONS<\/b>: On or about <span class=\"xn-chron\">January 21, 2021<\/span>, CarLotz became a public entity via merger with Acamar Partners Acquisition Corp., a special purpose acquisition company (&#8220;SPAC&#8221;) or blank check company, formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.<\/p>\n<p>The <i>CarLotz <\/i>class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) due to a surge in inventory during the second half of fiscal 2020, CarLotz was experiencing a &#8220;logjam&#8221; resulting in slower processing and higher days to sell; (ii) as a result, CarLotz&#8217;s gross profit per unit (&#8220;GPU&#8221;) would be negatively impacted; (iii) to minimize returns to the corporate vehicle sourcing partner responsible for more than 60% of CarLotz&#8217;s inventory, CarLotz was offering aggressive pricing; (iv) consequently, CarLotz&#8217;s GPU forecast was likely inflated; (v) that CarLotz&#8217;s corporate vehicle sourcing partner would likely pause consignments to CarLotz due to market conditions, including increasing wholesale prices; and (vi) as such, defendants&#8217; positive statements about CarLotz&#8217;s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.<\/p>\n<p>On <span class=\"xn-chron\">March 15, 2021<\/span>, CarLotz announced its fourth quarter and full year 2020 financial results.\u00a0 During a related conference call, CarLotz stated that gross profit and GPU &#8220;were softer than . . . expected&#8221; due to &#8220;the surge in inventory during the quarter and the resulting lower retail unit profitability.&#8221;\u00a0 CarLotz also reported that the additional inventory &#8220;created a logjam that resulted in slower processing and higher days to sell.&#8221;\u00a0 On this news, CarLotz&#8217;s stock price fell more than 8%.<\/p>\n<p>Then, on <span class=\"xn-chron\">May 10, 2021<\/span>, CarLotz announced its first quarter 2021 financial results revealing that GPU fell below expectations.\u00a0 In particular, CarLotz had expected retail GPU between <span class=\"xn-money\">$1,300<\/span> and <span class=\"xn-money\">$1,500<\/span>, but reported <span class=\"xn-money\">$1,182<\/span>.\u00a0 On this news, CarLotz&#8217;s stock price fell by more than 14%.<\/p>\n<p>Finally, on <span class=\"xn-chron\">May 26, 2021<\/span>, CarLotz announced an update to its profit-sharing sourcing partner arrangement.\u00a0 Specifically, CarLotz revealed that its &#8220;profit-sharing corporate vehicle sourcing partner informed the Company that, in light of current wholesale market conditions, it has paused consignments to the Company.&#8221;\u00a0 Moreover, this partner &#8220;accounted for more than 60% of the cars sold and sourced&#8221; during first quarter 2021 and &#8220;less than 50% of the cars sold and approximately 25% of cars sourced&#8221; during second quarter 2021 to date.\u00a0 On this news, CarLotz&#8217;s stock price fell an additional 13%, further damaging investors.<\/p>\n<p>Robbins <span class=\"xn-person\">Geller Rudman<\/span> &amp; Dowd LLP has launched <b><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3235867-1&amp;h=3127476667&amp;u=https%3A%2F%2Fwww.rgrdlaw.com%2Fservices-litigation-spac-blank-check-task-force.html&amp;a=a+dedicated+SPAC+Task+Force\" rel=\"nofollow noopener\">a dedicated SPAC Task Force<\/a><\/b> to protect investors in blank check companies and seek redress for corporate malfeasance.\u00a0 Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors.\u00a0 The rise in blank check financing poses unique risks to investors. Robbins <span class=\"xn-person\">Geller Rudman<\/span> &amp; Dowd LLP&#8217;s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.<\/p>\n<p>\n        <b>THE LEAD PLAINTIFF PROCESS<\/b>: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased CarLotz securities during the Class Period to seek appointment as lead plaintiff in the <i>CarLotz <\/i>class action lawsuit.\u00a0 A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.\u00a0 A lead plaintiff acts on behalf of all other class members in directing the<i> CarLotz <\/i>class action lawsuit.\u00a0 The lead plaintiff can select a law firm of its choice to litigate the <i>CarLotz <\/i>class action lawsuit.\u00a0 An investor&#8217;s ability to share in any potential future recovery of the <i>CarLotz <\/i>class action lawsuit is not dependent upon serving as lead plaintiff.\u00a0 <\/p>\n<p>\n        <b>ABOUT ROBBINS GELLER RUDMAN &amp; DOWD LLP<\/b>:\u00a0With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman &amp; Dowd LLP is the largest U.S. law firm representing investors in securities class actions.\u00a0 Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever \u2013 <span class=\"xn-money\">$7.2 billion<\/span> \u2013 in <i>In re Enron Corp. Sec. Litig.<\/i> The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering <span class=\"xn-money\">$1.6 billion<\/span> for investors last year, more than double the amount recovered by any other securities plaintiffs&#8217; firm.\u00a0 Please visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3235867-1&amp;h=2807106381&amp;u=https%3A%2F%2Fwww.rgrdlaw.com%2Ffirm.html&amp;a=https%3A%2F%2Fwww.rgrdlaw.com%2Ffirm.html\" rel=\"nofollow noopener\">https:\/\/www.rgrdlaw.com\/firm.html<\/a> for more information.<\/p>\n<p>Attorney advertising.<br \/>Past results do not guarantee future outcomes.<br \/>Services may be performed by attorneys in any of our offices.<\/p>\n<div>\n<table id=\"convertedTable6ae4\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnsbt0 prnsbr0 prnbcc prnsbb0 prnsbl0\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Contact:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Robbins Geller Rudman &amp; Dowd LLP<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">655 W. Broadway, San Diego, CA\u00a0 92101 <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">J.C. Sanchez, 800-449-4900<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <a target=\"_blank\" href=\"mailto:jsanchez@rgrdlaw.com\" class=\"prnews_a\" rel=\"nofollow noopener\">jsanchez@rgrdlaw.com<\/a> \u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA51160&amp;sd=2021-07-22\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/carlotz-deadline---robbins-geller-rudman--dowd-llp-announces-upcoming-opportunity-for-investors-with-substantial-losses-to-lead-the-carlotz-inc-class-action-lawsuit---lotz-301339050.html\">https:\/\/www.prnewswire.com\/news-releases\/carlotz-deadline&#8212;robbins-geller-rudman&#8211;dowd-llp-announces-upcoming-opportunity-for-investors-with-substantial-losses-to-lead-the-carlotz-inc-class-action-lawsuit&#8212;lotz-301339050.html<\/a><\/p>\n<p>SOURCE  Robbins Geller Rudman &amp; Dowd LLP<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=LA51160&amp;Transmission_Id=202107221503PR_NEWS_USPR_____LA51160&amp;DateId=20210722\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire SAN DIEGO, July 22, 2021 \/PRNewswire\/ &#8212;\u00a0The CarLotz class action lawsuit charges CarLotz, Inc. (NASDAQ: LOTZ, LOTZW) and certain of its top executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of CarLotz securities between December 30, 2020 and May 25, 2021, inclusive (the &#8220;Class Period&#8221;).\u00a0 The CarLotz class action lawsuit (Erdman v. CarLotz, Inc., No. 21-cv-05906) was commenced on July 8, 2021 in the Southern District of New York and is assigned to Judge Ronnie Abrams. If you wish to serve as lead plaintiff of the CarLotz class action lawsuit, please provide your information by clicking here.\u00a0 You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800\/449-4900 or &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/carlotz-deadline-robbins-geller-rudman-dowd-llp-announces-upcoming-opportunity-for-investors-with-substantial-losses-to-lead-the-carlotz-inc-class-action-lawsuit-lotz\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;CARLOTZ DEADLINE &#8211; Robbins Geller Rudman &amp; Dowd LLP Announces Upcoming Opportunity for Investors with Substantial Losses to Lead the CarLotz, Inc. Class Action Lawsuit &#8211; LOTZ&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-516631","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CARLOTZ DEADLINE - Robbins Geller Rudman &amp; Dowd LLP Announces Upcoming Opportunity for Investors with Substantial Losses to Lead the CarLotz, Inc. Class Action Lawsuit - LOTZ - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/carlotz-deadline-robbins-geller-rudman-dowd-llp-announces-upcoming-opportunity-for-investors-with-substantial-losses-to-lead-the-carlotz-inc-class-action-lawsuit-lotz\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CARLOTZ DEADLINE - Robbins Geller Rudman &amp; Dowd LLP Announces Upcoming Opportunity for Investors with Substantial Losses to Lead the CarLotz, Inc. Class Action Lawsuit - LOTZ - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire SAN DIEGO, July 22, 2021 \/PRNewswire\/ &#8212;\u00a0The CarLotz class action lawsuit charges CarLotz, Inc. (NASDAQ: LOTZ, LOTZW) and certain of its top executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of CarLotz securities between December 30, 2020 and May 25, 2021, inclusive (the &#8220;Class Period&#8221;).\u00a0 The CarLotz class action lawsuit (Erdman v. CarLotz, Inc., No. 21-cv-05906) was commenced on July 8, 2021 in the Southern District of New York and is assigned to Judge Ronnie Abrams. If you wish to serve as lead plaintiff of the CarLotz class action lawsuit, please provide your information by clicking here.\u00a0 You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800\/449-4900 or &hellip; Continue reading &quot;CARLOTZ DEADLINE &#8211; Robbins Geller Rudman &amp; Dowd LLP Announces Upcoming Opportunity for Investors with Substantial Losses to Lead the CarLotz, Inc. 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Class Action Lawsuit - LOTZ - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/carlotz-deadline-robbins-geller-rudman-dowd-llp-announces-upcoming-opportunity-for-investors-with-substantial-losses-to-lead-the-carlotz-inc-class-action-lawsuit-lotz\/","og_locale":"en_US","og_type":"article","og_title":"CARLOTZ DEADLINE - Robbins Geller Rudman &amp; Dowd LLP Announces Upcoming Opportunity for Investors with Substantial Losses to Lead the CarLotz, Inc. Class Action Lawsuit - LOTZ - Market Newsdesk","og_description":"PR Newswire SAN DIEGO, July 22, 2021 \/PRNewswire\/ &#8212;\u00a0The CarLotz class action lawsuit charges CarLotz, Inc. 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