rselak@tribtoday.com
LORDSTOWN Wrongdoing and misleading public statements by officers and directors of Lordstown Motors Corp. have devastated the electric-truck startup’s credibility and caused it to lose more than $1 billion in value, according to the latest lawsuit filed against the company.
This action in federal court in Delaware alleges “substantial financial and reputational harm” resulted from the misconduct, which also opened up the company to “potentially hundreds of millions of dollars” in damages connected to four investor class-action lawsuits.
The action, a stockholder derivative complaint, was filed by shareholders Daniel J. and David M. Cohen on behalf of Lordstown Motors against its executives and former executives of New York-based DiamondPeak Holdings Corp., the special acquisition purpose company that merged with the automaker in October to make it a publicly traded company.
LORDSTOWN Wrongdoing and misleading public statements by officers and directors of Lordstown Motors Corp. have devastated the electric-truck startup’s credibility and caused it to lose more than $1 billion in value, according to the latest lawsuit filed against the company.
This action in federal court in Delaware alleges “substantial financial and reputational harm” resulted from the misconduct, which also opened up the company to “potentially hundreds of millions of dollars” in damages connected to four investor class-action lawsuits.
The action, a stockholder derivative complaint, was filed by shareholders Daniel J. and David M. Cohen on behalf of Lordstown Motors against its executives and former executives of New York-based DiamondPeak Holdings Corp., the special acquisition purpose company that merged with the automaker in October to make it a publicly traded company.
Submitted photo
Shown here is one of first two beta prototypes of Lordstown Motors Corp.âs battery-powered truck, the Endurance. The beta vehicles rolled off the production line Wednesday, according to the company.
LORDSTOWN Upstart Lordstown Motors Corp. has manufactured the first two beta prototypes of its battery-powered truck, the Endurance.
The company announced the milestone Wednesday, calling it a “testament to the hard work, skill and work ethic of the 500 Lordstown Motors associates,” according to a press release.
“They are critical to our success as we push ahead producing the rest of our 57 betas and dedicating our energies to beginning mass production this September,” the company stated.
Staff writer
Contributed
AMONG THE FIRST â Here is one of first two beta prototypes of Lordstown Motors Corp.âs battery-powered truck, the Endurance.
LORDSTOWN Upstart Lordstown Motors Corp. has manufactured the first two beta prototypes of its battery-powered truck, the Endurance.
The company announced the milestone Wednesday, calling it a “testament to the hard work, skill and work ethic of the 500 Lordstown Motors associates,” according to a press release.
“They are critical to our success as we push ahead producing the rest of our 57 betas and dedicating our energies to beginning mass production this September,” the company stated.
Lordstown Motors announced earlier this month after the first beta prototypes are produced, it plans to produce one per day during the next two months. The betas will be used for crash, engineering and validation testing.
LORDSTOWN Upstart Lordstown Motors Corp. has manufactured the first two beta prototypes of its battery-powered truck, the Endurance. The company announced