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Adrienne Bell, Esq. (484) 270-1435 Toll free (844) 887-9500 Lordstown is an automotive company founded for the purpose of developing and manufacturing light duty electric trucks targeted for sale to fleet customers. Lordstown s purported flagship vehicle is the Endurance, an electric full-size pickup truck. DiamondPeak was structured as a special purpose acquisition company. The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Lordstown s purported pre-orders were non-binding; (2) many of the would-be customers who made these purported pre-orders lacked the means to make such purchases and/or would not have credible demand for the Endurance; (3) Lordstown is not and has not been on track to commence production of the Endurance in September 2021; (4) the first test run of the Endu ....
Staff writer LORDSTOWN Electric truck startup Lordstown Motors Corp. has made good on its overdue real estate tax bills, plus a hefty penalty the automaker was given when it missed the tax deadline in early March. Records show the company paid the $570,958 it originally owed to the Trumbull County Treasurer’s office and an additional $57,095 the company was fined for non-payment on four pieces of property it owns in Lordstown. A company spokesman told the (Warren) Tribune Chronicle, the first to report the missed payments last week, then the situation was being rectified and later publicly chalked up the matter to an “unfortunate administrative error.” He did not respond to an e-mail Monday asking for comment on the payment, which according to Treasurer Sam Lamancusa, was made last Wednesday. ....
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. ....