NEW YORK, Aug. 06, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating certain officers and directors of Arcimoto, Inc. (NASDAQ: FUV), Array Technologies, Inc. (NASDAQ: ARRY), and Renewable Energy Group, Inc. (NASDAQ: REGI) on behalf of long-term stockholders. More information about each potential case can be found at the link provided.

Arcimoto, Inc. (NASDAQ: FUV)

Bragar Eagel & Squire is investigating certain officers and directors of Arcimoto following a class action complaint that was filed against Arcimoto on April 19, 2021.

The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the preorders of Arcimoto’s Fun Utility Vehicles (“FUVs”) were fabricated or never completed, with only 19 units delivered out of an alleged preorder of 422; (2) Arcimoto failed to disclose to customers that nearly 100% of its vehicles delivered were under safety recall; (3) Arcimoto’s largest customer, R-Key-Moto, was an undisclosed related party owned by insider FOD Capital, LLC; (4) Arcimoto’s partnership with HULA was an undisclosed related party transaction; and (5) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.

For more information on our investigation into Arcimoto go to: https://bespc.com/cases/FUV

Array Technologies, Inc. (NASDAQ: ARRY)

Bragar Eagel & Squire is investigating certain officers and directors of Array Technologies, Inc. following a class action complaint that was filed against Array on May 14, 2021.

According to a complaint filed against the Company, Array’s IPO Materials stated that one of the Company’s strengths related to its management of costs. Specifically, the Offering Materials noted the Company's “[d]emonstrated ability to reduce the cost of our products while increasing profit margins” and that its “[r]igorous supply chain management [was] supported by a sophisticated enterprise resource planning (“ERP”) system.” With regard to strategy, the IPO Materials explained how the Company leveraged its global supply chain and economies of scale to reduce product cost. However, the Company failed to disclose the then-existing rise of costs related to certain supplies such as steel, as well as the Company's freight costs.

On May 11, 2021, Array reported lower revenues year-over-year and lower margins. These dismal financial results included a 44% decrease in revenue for the prior year period, a 63% decrease in gross profit, a 69% decrease in adjusted EBITDA, and 71% decrease in adjusted income. The Company blamed increased steel and shipping costs, and noted, “continuing increases in prices of steel and freight costs will impact our margins in the second quarter and potentially subsequent quarters if prices do not normalize.”