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Lordstown Execs Hit With Derivative Suit Over Preorders

ADVERTISEMENT Lordstown Execs Hit With Derivative Suit Over Preorders Law360 (May 25, 2021, 7:44 PM EDT) Investors in electric truck company Lordstown Motors Corp. have hit company executives and directors with a derivative suit in Delaware federal court, saying they were misled with false promises of preorders of a truck soon to start commercial production as the company went public through a SPAC merger. Alicia Kelley and Herbert Stotler sued the executives of Lordstown Friday including chairman and CEO Stephen Burns accusing them of having the company issue statements that there were as many as 100,000 preorders for its Endurance pickup truck and that the vehicle would be ready to begin mass production in the.

EV Stocks: A Tale Of Two Resistance Levels

Tesla, Inc. (NASDAQ:TSLA) and NIO Inc. (NYSE:NIO) appear to have broken important resistance, which means they could move higher. But Lordstown Motors Corp. (NASDAQ:RIDE) shares failed at resistance, which means they could move lower. What To Know: Resistance often forms at levels that were previously support. That’s what happened with the stocks of these three EV makers. This is because some of the buyers who bought the stock get buyer s remorse when the support breaks and the stock moves lower. They decide to sell but they don’t want to lose money. So they put their sell orders at the price they bought the shares at. If there are enough of these sell orders, it forms resistance at the level that was support.

Mid-Day Market Update: US Stocks Turn Lower; Provention Bio Shares Surge

Mid-Day Market Update: US Stocks Turn Lower; Provention Bio Shares Surge
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Ride Stock News: Lordstown Motors Corp shares tumble with forecasts, still shy of critical support

rising expenses due to a beta program, validation tests, and securing necessary parts for producing cards. That has immediate implications – Lordstown will be seeking a capital raise and has already kicked off negotiations. One such backer could be General Motors, which is already working with the company for several years. Moreover, the facility used by the young startup was previously utilized by the giant.  The silver lining from the report was that the EV-maker already has some 30,000 purchase agreements for its cars. The burden of delivery is now the main challenge.  Lordstown Motors forecast As the chart shows, RIDE stocks have not only lost their previous plateau of around $9.50, but also the late April one of just above $10. Another such flat area is the round $8 level seen early this month. Stronger support is at the mini-peak of $7.76, followed by a monthly trough of $6.98. 

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