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The U.S. Securities and Exchange Commission (SEC) has charged Lordstown Motors Corp with fraud, alleging the company misled investors about the sales prospects and demand for its flagship electric pickup truck, the Endurance. The charges include misrepresenting the order book and the timeline for delivering the vehicle. Lordstown Motors, now a bankrupt entity, agreed to pay $25.5 million in disgorgement to settle these allegations. The SEC's investigation into the matter remains ongoing.
Lordstown Motors to pay $25M in SEC settlement over misleading investor claims https://t.co/CIV8wjrUtt
SEC Charges Lordstown Motors with Misleading Investors on Endurance Pickup Truck Sales $RIDE $RIDEQ #EV #electricvehicles https://t.co/ZF5G0LQA7Q via @TheDeepDive_ca
Bankrupt automaker Lordstown Motors agreed to return $25.5 million to shareholders who were allegedly drawn in by false assurances that the company had secured tens of thousands of pre-orders for electric trucks that it didn't even have the parts to build. https://t.co/q7yhivrWwd https://t.co/NClvePJ39C
