NEW YORK , July 13, 2021 /PRNewswire/ -- Moore Kuehn, PLLC, a securities law firm located on Wall Street, is investigating potential claims involving directors and officers regarding possible breaches of fiduciary duties related to whether insiders caused their companies to make false and/or misleading statements and/or failed to disclose, among other things, that:
- Lordstown Motors Corp. (NASDAQ: RIDE)
Lordstown's purported pre-orders were non-binding; many of the would-be customers who made these purported pre-orders lacked the means to make such purchases and/or would not have credible demand for Lordstown's Endurance; Lordstown is not and has not been "on track" to commence production of the Endurance in September 2021 ; the first test run of the Endurance led to the vehicle bursting into flames within 10 minutes; and as a result, defendants' public statements were materially false and misleading at all relevant times.
Hindenburg Research reported that "Lordstown is an electric vehicle SPAC with no revenue and no sellable product, which we believe has misled investors on both its demand and production capabilities." According to Hindenburg, Lordstown " has consistently pointed to its book of 100,000 pre-orders as proof of deep demand for its proposed EV truck. Our conversations with former employees, business partners and an extensive document review show that the company's orders are largely fictitious."
Following this news, Lordstown stock tanked, closing on March 12 th at $14.78 per share, a decline of over 16% from the prior day's close of $17.71 per share.
Subsequently, on March 17, 2021 , after the market had closed, Lordstown held some earnings call on which the defendants disclosed that Lordstown had received an inquiry from the U.S. Securities and Exchange Commission ("SEC") regarding accounting issues. Following this SEC disclosure, Lordstown's stock price fell $2.08 per share on March 18, 2021 , a decline of an additional 14%.
If you own Lordstown or RIDE please contact Fletcher Moore, Esq. by email at fmoore@moorekuehn.com or telephone at (212) 709-8245. There is no cost to you. Moore Kuehn is a New York-based law firm with attorneys representing investors and consumers.
Please visit https://www.moorekuehn.com/practice/new-york-shareholder-derivative-litigation/
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Moore Kuehn, PLLC
Fletcher Moore, Esq.
30 Wall Street, 8 th Floor
New York , New York 10005
fmoore@moorekuehn.com
(212) 709-8245