NEW YORK--(BUSINESS WIRE)--Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Lordstown Motors Corp. ("Lordstown Motor" or "the Company") (NASDAQ: RIDE) f/k/a DiamondPeak Holdings Corp., and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Lordstown and/or DiamondPeak shares: (1) between August 3, 2020 and March 24, 2021, inclusive (the "Class Period") and/or (2) were holders of DiamondPeak shares entitled to participate in the October 22, 2020 shareholder vote on the merger with Lordstown. Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/ride.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, and failed to disclose that: (1) Lordstown's purported pre-orders were non-binding; (2) many of the would-be customers who made these purported pre-orders lacked the means to make such purchases and/or would not have credible demand for Lordstown's Endurance; (3) Lordstown is not and has not been "on track" to commence production of the Endurance in September 2021; (4) the first test run of the Endurance led to the vehicle bursting into flames within 10 minutes; and (5) as a result, defendants' public statements were materially false and misleading at all relevant times.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/ride or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Lordstown you have until May 17, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.