LORDSTOWN A fourth investor in Lordstown Motors Corp. has sued the company, claiming, like the others that have taken the electric-truck startup to court, t
dskolnick@tribtoday.com
LORDSTOWN Lordstown Motors Corp. faces another class action investor lawsuit, this one like the previous two alleging the company misled investors regarding preorders for its battery-powered truck, the Endurance.
The latest lawsuit by investor Sulayman Zuod also names company founder / CEO, Steve Burns; Rich Schmidt, president; Julio Rodriguez, chief financial officer; and Michael Fabian, director of stamping operations.
It also claims they were part of a scheme to deceive the stock market and through their conduct, caused the price of Lordstown Motors stock to be artificially inflated, allowing several top executives, including Schmidt and Rodriguez, to make a tremendous amount of money when they sold off their personal shares.
rselak@tribtoday.com
LORDSTOWN Lordstown Motors Corp. faces another class-action investor lawsuit, this one like the previous two alleging the company misled investors regarding preorders for its battery-powered truck, the Endurance.
The latest lawsuit by investor Sulayman Zuod also names company founder / CEO, Steve Burns; Rich Schmidt, president; Julio Rodriguez, chief financial officer; and Michael Fabian, director of stamping operations.
It also claims they were part of a scheme to deceive the stock market and through their conduct, caused the price of Lordstown Motors stock to be artificially inflated, allowing several top executives, including Schmidt and Rodriguez, to make a tremendous amount of money when they sold off their personal shares.
Submitted photo
Shown here is one of first two beta prototypes of Lordstown Motors Corp.âs battery-powered truck, the Endurance. The beta vehicles rolled off the production line Wednesday, according to the company.
LORDSTOWN Upstart Lordstown Motors Corp. has manufactured the first two beta prototypes of its battery-powered truck, the Endurance.
The company announced the milestone Wednesday, calling it a “testament to the hard work, skill and work ethic of the 500 Lordstown Motors associates,” according to a press release.
“They are critical to our success as we push ahead producing the rest of our 57 betas and dedicating our energies to beginning mass production this September,” the company stated.