Wolf Haldenstein Adler Freeman & Herz LLP, a preeminent national shareholder rights law firm, announces that a federal securities class action lawsuit has been filed in the United States District Court for the Northern District of Ohio on behalf of investors who purchased or otherwise acquired Lordstown Motors Corp. securities between August 3, 2020 and March 24, 2021, inclusive (the “Class Period”).
All investors who purchased shares of Lordstown Motors Corp. and incurred losses are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Lordstown Motors Corp., you may, no later than May 17, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Lordstown Motors Corp.
Lordstown Motors Corp. plunged the most in five months after the short-seller, Hindenburg Research (“Hindenburg”) said in a report that “Lordstown is an electric vehicle SPAC with no revenue and no sellable product, which we believe has misled investors on both its demand and production capabilities.” According to Hindenburg, Lordstown “has consistently pointed to its book of 100,000 pre-orders as proof of deep demand for its proposed EV truck. Our conversations with former employees, business partners and an extensive document review show that the company’s orders are largely fictitious.”
The Company’s stock closed on March 12th at $14.78 per share, a decline of over 16% from the prior day’s close of $17.71 per share.
Subsequently, on March 17, 2021, after the market had closed, Lordstown held some earnings call on which the defendants disclosed that Lordstown had received an inquiry from the U.S. Securities and Exchange Commission (“SEC”) regarding accounting issues.
Following this disclosure, Lordstown’s stock price fell $2.08 per share on March 18, 2021, a decline of an additional 14%.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this investigation or have any questions regarding your rights and interests in this matter, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Kevin Cooper, Esq.
Email: email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774