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CarLotz Hit With Investor Suit After Post-SPAC Stock Drop

By Katryna Perera (July 12, 2021, 7:16 PM EDT) -- The consignment-to-retail used car company CarLotz has been hit with a proposed securities class action over claims the company made misleading statements that caused its stock price to fall by more than half since being taken public at the start of the year.

Daniel Erdman sued the company Thursday in New York federal court on behalf of investors who purchased CarLotz stock between Dec. 30, 2020, and May 25, 2021.

Erdman says he suffered losses because of misleading statements the company made about its profits and the effects of surging car inventory that created "an unrealistically positive assessment of the company and...

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