Kehoe Law Firm, P.C.
Investigation To Determine Whether Certain Directors And/Or Officers Of Acamar Partners Acquisition Corp. Breached Their Fiduciary Duties To Shareholders
PHILADELPHIA, PA, USA, July 20, 2021 /EINPresswire.com/ — Kehoe Law Firm, P.C. is investigating whether certain directors and/or officers of Acamar Partners Acquisition Corp. (“Acamar Partners”) (NASDAQ: ACAM), now known as CarLotz, Inc. (“CarLotz”) (NASDAQ: LOTZ), breached their fiduciary duties to Acamar Partners and its shareholders.
The investigation concerns whether the board of directors and/or senior management of Acamar Partners failed to manage Acamar Partners in an acceptable manner, in breach of their fiduciary duties to Acamar Partners shareholders, and whether, as a result, the shareholders of Acamar Partners suffered damages.
On October 21, 2020, Acamar Partners executed a merger agreement with the predecessor to CarLotz, with a December 21, 2020 record date for the shareholder vote. On January 21, 2021, the merger transaction closed, with CarLotz continuing as the successor entity. On May 10, 2021, CarLotz reported the Company’s financial results for the first quarter of 2021. CarLotz reported a per-share loss of $0.15, missing the consensus earnings estimate of $0.01. Following this news, CarLotz’s stock price dropped, closing down 14.44% on May 11, 2021.
Subsequently, on May 26, 2021, CarLotz revealed that the Company’s profit-sharing corporate vehicle sourcing partner had paused consignments. The sourcing partner accounted for more than 60% of the cars sold and sourced in the Company’s first quarter. Following this news, CarLotz’s stock price fell, closing down over 13% on May 26, 2021.
IF YOU WERE AN ACAMAR PARTNERS SHAREHOLDER AND WISH TO DISCUSS KEHOE LAW FIRM’S INVESTIGATION OR HAVE QUESTIONS ABOUT YOUR POTENTIAL LEGAL RIGHTS, PLEASE CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, MYARNOFF@KEHOELAWFIRM.COM, INFO@KEHOELAWFIRM.COM, TO LEARN MORE ABOUT THE INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion dollars on behalf of institutional and individual investors.
This notice may constitute attorney advertising.
Michael Yarnoff, Esq.
Kehoe Law Firm, P.C.