SHAREHOLDER ALERT: Lordstown Motors Corp. Investigated for Possible Securities Laws Violations ...
BOSTON, March 16, 2021 (GLOBE NEWSWIRE) -- Block & Leviton LLP ( www.blockleviton.com ), a national securities litigation firm, reminds shareholders it is investigating Lordstown Motors Corp. (NASDAQ: RIDE) for potential violations of the federal securities laws.
Before the markets opened on March 12, 2021, analyst Hindenburg Research published a scathing report on the electric light duty truck manufacturer entitled “The Lordstown Motors Mirage: Fake Orders, Undisclosed Production Hurdles, and a Prototype Inferno.” According to Hindenburg, the company’s claimed 100,000 pre-orders for its EV truck are “largely fictitious and used as a prop to raise capital and confer legitimacy.” Hindenburg further cites significant, undisclosed production delays and a prototype that “burst into flames 10 minutes before the test drive” in January 2021, substantiating claims by former employees that the company is not conducting the needed testing or validation required by the NHTSA. On this news, RIDE shares fell by 20% in intraday trading.
Block & Leviton LLP ( www.blockleviton.com ) is investigating whether Lordstown and certain of its executives may be liable for securities fraud. If you purchased or acquired shares of Lordstown and have questions about your legal rights or possess information relevant to this investigation, please contact Block & Leviton attorneys at (617) 398-5600, via email at email@example.com, or visit our website for information on the case.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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