Trending...
- Skool Alternatives Reddit: Skool vs Circle vs Whop - Did you join one yet?
- Cal State LA secures funding for two artificial intelligence projects from CSU
- AI Visibility: The Key to Beating Google's AI Overviews and Regaining Traffic
SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Lordstown Motors Corp. ("Lordstown" or the "Company") (NASDAQ: RIDE; RIDEW) between August 3, 2020 and March 17, 2021, inclusive (the "Class Period").
If you purchased or otherwise acquired Lordstown securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than May 17, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Lordstown investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Lordstown Securities Class Litigation
Lordstown, headquartered in Lordstown, Ohio, is an automotive company founded for the purpose of developing and manufacturing light duty electric trucks targeted for sale to fleet customers. Its flagship product, the Endurance, is an electric pickup truck. The actions claim that, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) the number of Endurance pre-orders was fabricated, and thus inflated, and did not accurately reflect demand; (2) purported customers lacked the means to fulfill their pre-orders; (3) the Company faced undisclosed production hurdles that would continue to delay production and delivery of the Endurance; and (4) as a result of the foregoing, defendants' positive statements about Lordstown's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
More on The Californer
On March 12, 2021, before the market opened, 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 the report, while Lordstown consistently pointed to its book of 100,000 pre-orders as proof of strong demand for its Endurance pickup truck, Hindenburg's "conversations with former employees, business partners and an extensive document review show that the company's orders are largely fictitious and used as a prop to raise capital and confer legitimacy." On this news, the price of Lordstown common stock fell approximately 16.5%, from its closing price of $17.71 on March 11, 2021, to close at $14.78 on March 12, 2021.
On March 17, 2021, following the close of the market, Lordstown's CEO, defendant Stephen Burns, revealed that the Company was under investigation by the Securities and Exchange Commission, a disclosure absent from its fourth quarter and 2020 earnings reports. On this news, the price of Lordstown common stock fell approximately 14%, from its closing price of $15.09 on March 17, 2021, to close at $13.01 on March 18, 2021. The next day Burns announced on national television that "We never said we had orders. We don't have a product yet so by definition you can't have orders."
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
More on The Californer
The National Law Journal has recognized Lieff Cabraser as one of the nation's top plaintiffs' law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms "representing the best qualities of the plaintiffs' bar and that demonstrated unusual dedication and creativity." Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm's "laser focus" and noting that our firm routinely finds itself "facing off against some of the largest and strongest defense law firms in the world." Benchmark Litigation has named Lieff Cabraser one of the "Top 10 Plaintiffs' Firms in America."
For more information about Lieff Cabraser and the firm's representation of investors, please visit https://www.lieffcabraser.com/.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
If you purchased or otherwise acquired Lordstown securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than May 17, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Lordstown investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Lordstown Securities Class Litigation
Lordstown, headquartered in Lordstown, Ohio, is an automotive company founded for the purpose of developing and manufacturing light duty electric trucks targeted for sale to fleet customers. Its flagship product, the Endurance, is an electric pickup truck. The actions claim that, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) the number of Endurance pre-orders was fabricated, and thus inflated, and did not accurately reflect demand; (2) purported customers lacked the means to fulfill their pre-orders; (3) the Company faced undisclosed production hurdles that would continue to delay production and delivery of the Endurance; and (4) as a result of the foregoing, defendants' positive statements about Lordstown's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
More on The Californer
- California: Governor Newsom statement on the court temporarily blocking the Trump Administration's unlawful immigration tactics in the Los Angeles area
- Governor Newsom urges Californians to take precautions as state endures triple digit heat, smoky conditions
- Yvette Kendall Secures $6 Million Deal with The Sessions Studios for Horror Thriller, "NORTH"
- Buy The Crave Launches Premium Creatine and Natural Wellness Supplements for Modern Lifestyles
- Long Beach Parks, Recreation and Marine's Homeland Cultural Center Presents DanceFest at Cesar Chavez Park Amphitheater on August 16
On March 12, 2021, before the market opened, 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 the report, while Lordstown consistently pointed to its book of 100,000 pre-orders as proof of strong demand for its Endurance pickup truck, Hindenburg's "conversations with former employees, business partners and an extensive document review show that the company's orders are largely fictitious and used as a prop to raise capital and confer legitimacy." On this news, the price of Lordstown common stock fell approximately 16.5%, from its closing price of $17.71 on March 11, 2021, to close at $14.78 on March 12, 2021.
On March 17, 2021, following the close of the market, Lordstown's CEO, defendant Stephen Burns, revealed that the Company was under investigation by the Securities and Exchange Commission, a disclosure absent from its fourth quarter and 2020 earnings reports. On this news, the price of Lordstown common stock fell approximately 14%, from its closing price of $15.09 on March 17, 2021, to close at $13.01 on March 18, 2021. The next day Burns announced on national television that "We never said we had orders. We don't have a product yet so by definition you can't have orders."
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
More on The Californer
- Sisu, a Portrait of Grit, Connection and Triumph, Premieres on Documentary Showcase
- New Liz Taylor Book Coming Soon: Chasing Elizabeth Taylor
- City of Long Beach Experienced a 4% Decrease in Fireworks-Related Reports on July 4
- The Blue Luna Encourages Local Schools to Take Steps to Enhance Safety for Students and Staff
- Wise Business Plans Launches Turnkey Startup Packages to Help Entrepreneurs Start and Scale
The National Law Journal has recognized Lieff Cabraser as one of the nation's top plaintiffs' law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms "representing the best qualities of the plaintiffs' bar and that demonstrated unusual dedication and creativity." Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm's "laser focus" and noting that our firm routinely finds itself "facing off against some of the largest and strongest defense law firms in the world." Benchmark Litigation has named Lieff Cabraser one of the "Top 10 Plaintiffs' Firms in America."
For more information about Lieff Cabraser and the firm's representation of investors, please visit https://www.lieffcabraser.com/.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Filed Under: Business
0 Comments
Latest on The Californer
- Easton & Easton, LLP Files Suit Against The Dwelling Place Anaheim & Vineyard USA Over Abuse Allegations
- AI Visibility: The Key to Beating Google's AI Overviews and Regaining Traffic
- First Partner highlights apprenticeship program helping underrepresented youth break into careers in California's iconic entertainment industry
- Stuck Doing Math or Figuring Out Life's Numbers? Calculator.now Makes It Stupidly Simple
- Cal State LA secures funding for two artificial intelligence projects from CSU
- Colbert Packaging Announces WBENC Recognition
- New Mobile Car Detailing Platform Connects Drivers with On-Demand Local Pros
- Over the past three months, California seized $476 million worth of unlicensed cannabis products
- California scores more clean energy records: 9 in 10 days this year partially powered by 100% clean energy
- "Mobile Suit Gundam" Takes Over San Diego Comic-Con 2025
- DivX Empowers Media Enthusiasts with Free Expert Guides for Advanced MP4 Management
- Assent Expands Executive Team to Accelerate Global Growth & Innovation
- The World's Largest Green Economic Revolution Emerges as Nature, Tech, and Finance Converge
- Hamilton Zanze Sponsors the Acquisition of Two Garden-Style Communities in Reno Area
- Meet a Scientologist Captures Greece's Timeless Beauty with Videographer Lambros Malamas
- Vinnetwork Unveils Decentralized AI Platform with Vinnetwork(VIN) Token to Challenge Tech Giants' Data Monopoly
- Moovs Launches Advanced Contact Center Solution for Large-Scale Transportation Operations
- Centennial Flyers to Become Colorado's First Launch Customer for All-Electric B23 Energic Aircraft
- Second Annual Artists' Rights Advocate Award to Be Presented at The Comedy Store on July 17th
- Pyro Marketing Opens New Digital Marketing Company to Power Growth for Fitness and Ecommerce Brands