Investigation to determine whether certain directors and / or officers of Camar Partners Acquisition Corp. breached their fiduciary duties to shareholders
PHILADELPHIA, PA, USA, July 20, 2021 /EINPresswire.com/ – Kehoe Law Firm, PC is investigating whether certain directors and / or officers of Acamar Partners Acquisition Corp. (“Acamar Partners”) (NASDAQ: ACAM), now known as Car lotz, Inc. (“CarLotz”) (NASDAQ: LOTZ), breached its fiduciary obligations to Acamar Partners and its shareholders.
The investigation examines whether the board of directors and / or senior management of Acamar Partners have not managed Acamar Partners in an acceptable manner, in violation of their fiduciary duties to the shareholders of Acamar. Partners, and whether, as a result, the shareholders of Acamar Partners have suffered damage.
On October 21, 2020, Acamar Partners entered into a merger agreement with CarLotz’s predecessor, with a registration date of December 21, 2020 for shareholder voting. On January 21, 2021, the merger transaction closed, with CarLotz continuing to be its successor entity. On May 10, 2021, CarLotz released the company’s financial results for the first quarter of 2021. CarLotz reported a loss per share of $ 0.15, missing the consensus earnings estimate of $ 0.01. Following this news, the CarLotz share price fell, closing at 14.44% on May 11, 2021.
Subsequently, on May 26, 2021, CarLotz revealed that the company’s profit-sharing company vehicle supply partner had suspended shipments. The supply partner accounted for more than 60% of the cars sold and purchased in the company’s first quarter. Following this news, the CarLotz share price fell, closing over 13% on May 26, 2021.
IF YOU ARE AN ACAMAR PARTNERS SHAREHOLDER AND WISH TO DISCUSS THE KEHOE LAW FIRM INVESTIGATION OR HAVE ANY QUESTIONS ABOUT YOUR POTENTIAL LEGAL RIGHTS, PLEASE CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT . 804, [email protected], [email protected], TO LEARN MORE ABOUT THE INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Kehoe Law Firm, PC, with offices in New York and Philadelphia, is a multidisciplinary, plaintiff-side law firm dedicated to protecting investors from securities fraud, breach of fiduciary duty and malpractice. Together, the Kehoe law firm partners have acted as senior advisor or co-senior advisor in cases that have raised more than $ 10 billion on behalf of institutional and individual investors.
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Michael Yarnoff, Esq.
Kehoe Law Firm, PC