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Lordstown Execs Hit With Derivative Suit Over Preorders
Law360 (May 25, 2021, 7:44 PM EDT) Investors in electric truck company Lordstown Motors Corp. have hit company executives and directors with a derivative suit in Delaware federal court, saying they were misled with false promises of preorders of a truck soon to start commercial production as the company went public through a SPAC merger.
Alicia Kelley and Herbert Stotler sued the executives of Lordstown Friday including chairman and CEO Stephen Burns accusing them of having the company issue statements that there were as many as 100,000 preorders for its Endurance pickup truck and that the vehicle would be ready to begin mass production in the.