Late taxes another troubling sign for electric truck startup
by Mark Gillispie, The Associated Press
Posted Apr 27, 2021 12:15 pm EDT
Last Updated Apr 27, 2021 at 12:28 pm EDT
CLEVELAND The failure of an Ohio-based electric truck startup to pay $570,000 in real estate taxes due in early March is yet another troubling sign for a company that has been barraged by bad news this year.
Lordstown Motors Corp. stock has plummeted from nearly $31 a share on Feb. 11 to just over $10 on Tuesday in the wake of a U.S. Securities and Exchange Commission inquiry and the filing of four potential class-action lawsuits by investors who claim they have been defrauded.
rselak@tribtoday.com
LORDSTOWN A West Coast maker of luxury electric cars that accused Lordstown Motors Corp. of corporate espionage in a lawsuit has amended its complaint, alleging a widespread conspiracy to raid the company of its confidential and proprietary information.
Irvine, Calif.-based Karma Automotive LLC accuses Lordstown Motors, some of its top executives and former employees of Karma now employed at Lordstown Motors of violating U.S. racketeering law.
Two counts in the 28-count lawsuit, Karma claims, violate the Racketeer Influenced and Corrupt Organizations (RICO) Act, according to the lawsuit filed in U.S. court in central California.
Lordstown Motors Corp. stock has plummeted from nearly $31 a share on Feb. 11 to just over $10 and the Ohio-based electric truck startup has failed to pay $570,000 in real estate taxes.
Associated Press
Cleveland The failure of an Ohio-based electric truck startup to pay $570,000 in real estate taxes due in early March is yet another troubling sign for a company that has been barraged by bad news this year.
Lordstown Motors Corp. stock has plummeted from nearly $31 a share on Feb. 11 to just over $10 on Tuesday in the wake of a U.S. Securities and Exchange Commission inquiry and the filing of four potential class-action lawsuits by investors who claim they have been defrauded.
The company appeared to be primed for success last June during a showcase event at the massive former GM plant outside Youngstown, Ohio, which the startup bought in 2019. Then-Vice President Mike Pence sat in the passenger seat of an Endurance prototype as it rolled onto a stage to hearty applause. Noisy, colorfully lit robots building nothing gyrated nearby.
Late taxes another troubling sign for Ohio electric truck startup
By Mark Gillispie - Associated Press
CLEVELAND (AP) The failure of an Ohio-based electric truck startup to pay $570,000 in real estate taxes due in early March is yet another troubling sign for a company that has been barraged by bad news this year.
Lordstown Motors Corp. stock has plummeted from nearly $31 a share on Feb. 11 to just over $10 on Tuesday in the wake of a U.S. Securities and Exchange Commission inquiry and the filing of four potential class-action lawsuits by investors who claim they have been defrauded.
The company appeared to be primed for success last June during a showcase event at the massive former GM plant outside Youngstown, Ohio. Then-Vice President Mike Pence sat in the passenger seat of an Endurance prototype as it rolled onto a stage to hearty applause. Noisy, colorfully lit robots building nothing gyrated nearby.