If you like your tea piping hot, you’re in luck: Hindenburg Research is spilling plenty of it in its latest report. Lordstown Motors, the promising EV startup that says it will be delivering the first units of the Endurance electric pickup truck in late 2021, is a “mirage.” Not of the good kind.
Shares of electric truck start-up
Lordstown Motors (NASDAQ:RIDE) opened sharply lower on Friday, after a prominent short-seller alleged that the company has misled investors about its production capabilities and demand for its upcoming pickup truck.
As of 10:15 a.m. EST, Lordstown s shares were down about 20.3% from Thursday s closing price.
So what
Electric vehicle investors will no doubt remember Hindenburg Research, the short-selling firm that last September released a devastating report on
Nikola (NASDAQ:NKLA). Among the consequences of that report: Nikola s stock price fell sharply and its founder was forced to resign.
Lordstown s stock is down today because Hindenburg just released another report that makes similarly tough allegations. Among them:
An investment research firm has published a new report accusing Lordstown Motors of misleading investors, causing the start-up's stock price to dip sharply.
Mar 12, 2021 12:20 EST
Forensic financial research firm Hindenburg Research is out with a damning report about electric vehicle manufacturer Lordstown Motors. Lordstown offered its shares on the public market via a merger with blank-check special purpose acquisition (SPAC) firm DiamondPeak last year and the company was brought to the front of press attention over an expected order from the United States Postal Service - which it ultimately failed to win.
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In its report, Hindenburg alleges that Lordstown s reported pre-orders for its electric truck are fabricated and come from a company that does not operate a truck fleet. This claim is a part of others that state that Lordstown chief Mr. Steve Burns purportedly paid consultants for every pre-order that his company managed to secure.