November 26, 2018 - An investor, who purchased shares of Adomani Inc (NASDAQ:ADOM), filed a lawsuit over alleged violations of Securities Laws by Adomani Inc in connection with certain allegedly false and misleading statements made in connection with Adomani’s initial public offering held on or around June 15, 2017 (the “IPO” or the “Offering”).

Corona, CA based Adomani, Inc. is engaged in designing, manufacturing and installing electric and hybrid drivetrain systems for use in new school buses and medium to heavy-duty commercial fleet vehicles. Adomani Inc went public in June 2017 and shares of Adomani Inc (NASDAQ: ADOM) reached $18.31 per share in July 2017. Adomani’s stock has plummeted since its June 2017 IPO, currently trading around $0.50 per share.

According to the complaint the plaintiff alleges on behalf of purchasers of the securities of Adomani, Inc. (NASDAQ: ADOM) pursuant and/or traceable to the Offering Circular issued in connection with Adomani’s IPO that Adomani’s Offering Circular omitted material biographical information pertaining to Adomani’s Chief Technology Officer, Edward R. Monfort, and its director nominee, John F. Perkowski. Specifically, the plaintiff claims that the Offering Circular failed to disclose that Monfort and Perkowski served as executives and/or directors at one or more “penny stock” companies in which shareholders lost nearly all of their investment.