ONGOING INVESTIGATION ALERT: The Schall Law Firm Announces it is Investigating Claims Against Lordstown Motors Corp. and Encourages Investors with Losses of $100,000 to Contact the Firm
LOS ANGELES, March 16, 2021 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Lordstown Motors Corp. ("Lordstown Motors" or "the Company") (NASDAQ: RIDE) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Lordstown Motors is the subject of a report published on March 12, 2021 by Hindenburg Research. The report, titled "The Lordstown Motors Mirage: Fake Orders, Undisclosed Production Hurdles, And A Prototype Inferno," alleges that "conversations with former employees, business partners and an extensive document review" has revealed that the Company's book of 100,000 pre-orders "are largely fictitious and used as a prop to raise capital and confer legitimacy." The report also alleges that "former employees also shared that the company has completed none of its needed testing or validation, including cold weather testing, durability testing, and Federal Motor Vehicle Safety Standards (FMVSS) testing required by the NHTSA [National Highway Traffic Safety Administration]." Based on this news, shares of Lordstown Motors fell by more than 16.5% on the same day.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.
310-301-3335
[email protected]
www.schallfirm.com
SOURCE The Schall Law Firm
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