Deadline in 5 Days Kessler Topaz Meltzer & Check, LLP Reminds Investors of Class Action Lawsuit Against Lordstown Motors Corp. (RIDE)
The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors of Lordstown Motors Corp. (NASDAQ: RIDE) (“Lordstown”) f/k/a DiamondPeak Holdings Corp. (NASDAQ: DPHC) (“DiamondPeak”) that a securities fraud class action lawsuit has been filed on behalf of those who purchased or acquired Lordstown securities between August 3, 2020 and March 24, 2021, inclusive (the “Class Period”).
Investor Deadline Reminder: Investors who purchased or acquired Lordstown securities during the Class Period may, no later than May 17, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at email@example.com; or click https://www.ktmc.com/lordstown-motors-class-action-lawsuit?utm_source= ...
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.
Throughout the Class Period, Lordstown repeatedly lauded its pre-order agreements with prospective customers. Moreover, Lordstown stated numerous times that it was “on track” to begin production of the Endurance in September 2021.
However, before the markets opened on March 12, 2021, Hindenburg Research, LLC (“Hindenberg Research”) published a report on Lordstown entitled: “The Lordstown Motors Mirage: Fake Orders, Undisclosed Production Hurdles, and a Prototype Inferno.” The report noted that Lordstown has “no revenue and no sellable product,” and that Lordstown “has misled investors on both its demand and production capabilities.” The report concluded that Lordstown’s “orders are largely fictitious and used as a prop to raise capital and confer legitimacy,” and that a former employee “explained how the company is experiencing delays and making ‘drastic’ design modifications, putting [Lordstown] an estimated 3-4 years away from production,” rather than Lordstown being “on track” for a September 2021 production start. Following this news, the price of Lordstown’s common stock fell approximately 16.5%, down from its March 11, 2021 closing price of $17.71 to a March 12, 2021 close of $14.78.
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