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EV Maker Lordstown Falls on SEC Look at Short-Seller Claims

EV Maker Lordstown Falls on SEC Look at Short-Seller Claims Bloomberg 4 days ago David Welch © Bloomberg The Lordstown Motors Corp. Endurance electric pickup truck is displayed during an unveiling event in Lordstown, Ohio, U.S., on Thursday, June 25, 2020. The Trump administration is counting on Lordstown Motors to salvage political capital lost when GM decided to abandon the Ohio plant last year. (Bloomberg) Electric-truck startup Lordstown Motors Corp. fell in extended trading after reporting it received an inquiry on its operations from the Securities and Exchange Commission. Shares of Lordstown fell as much as 7.2% to $14 before recovering somewhat after the company reported fourth-quarter results. The stock was down 25% this year through the close Wednesday in New York.

Lordstown Motors (RIDE) Rebuffs Hindenburg s Allegations Amid Uncanny Similarity To the Nikola Corporation (NKLA) Debacle of Last Year

Investor report assaults LM, new company s stock takes a big hit | News, Sports, Jobs

Special to the Journal LORDSTOWN An investment research firm known for short-selling stocks issued a scathing report on Lordstown Motors Corp., claiming the upstart electric-vehicle company has no sellable product and has misled its investors. Shares of Lordstown Motors stock dropped 16.5 percent Friday to close at $14.78 per share after New York City-based Hindenburg Research the same day released the report characterizing the company as a mirage. Lordstown Motors is operating out of the former General Motors assembly plant in Lordstown. It bought the plant with GM’s help to produce an electric truck, the Endurance, for use by fleets after GM idled the facility in March 2019.

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