LAWSUIT FILED: Block & Leviton LLP Reminds Investors it Has Filed a Lawsuit Against Lordstown Motors Corp for Securities Fraud; Investors Who Lost Money Should Contact the Firm globenewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from globenewswire.com Daily Mail and Mail on Sunday newspapers.
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LORDSTOWN Lordstown Motors Corp. faces another class-action investor lawsuit, this one like the previous two alleging the company misled investors regarding preorders for its battery-powered truck, the Endurance.
The latest lawsuit by investor Sulayman Zuod also names company founder / CEO, Steve Burns; Rich Schmidt, president; Julio Rodriguez, chief financial officer; and Michael Fabian, director of stamping operations.
It also claims they were part of a scheme to deceive the stock market and through their conduct, caused the price of Lordstown Motors stock to be artificially inflated, allowing several top executives, including Schmidt and Rodriguez, to make a tremendous amount of money when they sold off their personal shares.
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Shares of the Elon Musk-led company jumped as much as 7 per cet in New York, erasing most of its year-to-date loss. Over the past year, the stock has advanced more than 600 per cet.
EV companies overall have received some good news in the past week, including a big push into electric vehicles in the infrastructure spending bill unveiled last week, and the estimate-crushing delivery figures from Tesla. But that may not be enough to stop a slide in the stocks that has seen investor interest wane this year. Auto stocks, EV and otherwise, have also been plagued by a global shortage of semiconductors.