LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Lordstown Motors Corp. (“Lordstown Motors” or “the Company”) (NASDAQ: RIDE) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between August 3, 2020 and March 17, 2021, inclusive (the ''Class Period''), are encouraged to contact the firm before May 17, 2021.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at email@example.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Lordstown’s supposed orders were in fact non-binding. Many of the customers who made these purported pre-orders either could not afford the vehicles, or would not have need of the Company’s Endurance truck. The Company is not “on track” to enter production of the Endurance in September 2021. In fact, the first test run of the vehicle resulted in it being engulfed in fire. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Lordstown, investors suffered damages.
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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