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.