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.