Arcimoto Securities Litigation
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WELCOME TO THE ARCIMOTO SECURITIES LITIGATION SETTLEMENT

This website has been established to provide general information related to the proposed settlement of the lawsuit referred to as Switzer v. W.R. Hambrecht & Co., LLC, et al., Lead Case No. CGC-18-564904 (the “Litigation”), and is pending before the Honorable Teri L. Jackson in the Superior Court for the State of California, County of San Francisco (the “Court”). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Amended Stipulation of Settlement (the "Stipulation") dated August 2, 2019, which can be found and downloaded by clicking on the Case Documents tab above.

The law firms of Robbins Geller Rudman & Dowd LLP and Johnson Fistel, LLP represent you and other Class Members. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

WHAT IS THIS LAWSUIT ABOUT?

Plaintiffs brought this Litigation as a securities class action against Arcimoto, Inc. (“Arcimoto”), certain of its officers and directors, and the underwriter for Arcimoto’s initial public offering (“IPO”), alleging that they violated the Securities Act of 1933 by misrepresenting and omitting material facts in the Prospectus issued in connection with Arcimoto’s September 21, 2017 IPO. Defendants expressly have denied and continue to deny all charges of wrongdoing or liability against them, and they deny that Plaintiffs or Class Members have suffered damage, or were otherwise harmed by the conduct alleged in the Litigation.

If you purchased Arcimoto common stock between June 22, 2017 and September 21, 2017, you are a Class Member.  Excluded from the definition of the Class are Defendants and their families, the officers, directors and affiliates of Defendants at all relevant times, members of their immediate families and their legal representatives, heirs, successors or assigns, and any entity in which Defendants have or had a controlling ownership interest during the Class Period. Also excluded is any person that timely and validly requests exclusion from the Class in accordance with the instructions in Section 15 of the Notice.

WHAT DOES THE SETTLEMENT PROVIDE?

The proposed Settlement will create a cash settlement fund of $2,450,000 (the “Settlement Fund”), plus any interest that may accrue thereon less certain deductions.

The Settlement Fund, subject to deduction for, among other things, costs of class notice and administration and certain taxes and tax-related expenses, as well as attorneys’ fees and expenses, and the amount to Plaintiffs in connection with their representation of the Class, as approved by the Court, will be available for distribution to Class Members. Your recovery from this fund will depend on a number of variables, including how many shares of Arcimoto common stock you purchased during the Class Period, the timing of your purchases and any sales, and how many other Class Members make claims. 

ADDITIONAL INFORMATION

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice and the Stipulation.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A PROOF OF CLAIM File a claim. This is the only way to be eligible to receive a payment from the Settlement.  Proofs of Claim must be postmarked (if mailed) or received (if submitted online) on or before January 6, 2020.
EXCLUDE YOURSELF FROM THE CLASS  Receive no payment.  This is the only option that, assuming your claim is timely brought, potentially allows you to ever be part of any other lawsuit against any of the Defendants or any other Released Parties concerning the Settled Claims.  Defendants and the other Released Parties will have the right to assert any and all defenses they may have to any claims that you seek to assert including, without limitation, the defense that any such claims are untimely under applicable statutes of limitation and statutes of repose. 
OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, AND/OR THE APPLICATION FOR ATTORNEYS’ FEES AND EXPENSES Write to the Court about why you do not like the Settlement, the Plan of Allocation and/or the request for attorneys' fees and expenses.  You will still be a member of the Class. 
APPEAR AT THE HEARING Ask to speak in Court about the fairness of the Settlement.  If you submit a written objection, you may (but do not have to) attend the hearing. 
 DO NOTHING AT ALL Receive no payment.  You will, however, still be a member of the Class, which means that you give up your right to ever be a part of any other lawsuit against the Defendants or any other Released Parties about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Litigation.

IMPORTANT DATES AND DEADLINES

Submit Proof of Claim January 6, 2020
Request Exclusion January 6, 2020
Submit Written Objection January 6, 2020
Submit Notice of Intention to Appear January 6, 2020
Settlement Fairness Hearing  March 13, 2020, at 10:30 a.m. PST