Lordstown Motors charged with misleading investors about the sales potential of its EV pickup

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The Securities and Exchange Commission has charged bankrupt Lordstown Motors with misleading investors about the sales prospects of its Endurance electric pickup truck.

Lordstown has agreed to pay $25.5 million as a result — money that the SEC says will go towards settling a number of pending class action lawsuits against the company.

“We allege that, in a highly competitive race to deliver the first mass-produced electric pickup truck to the U.S. market, Lordstown oversold true demand for the Endurance,” Mark Cave, Associate Director of the SEC’s Division of Enforcement said in a statement. “Exaggerations that misrepresent a public company’s competitive advantages distort the capital markets and foil investors’ ability to make informed decisions about where to put their money.”

The SEC says its investigation into Lordstown Motors is ongoing.

This story is developing…

 



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Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

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