RIDE CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Lordstown Motors Corp.

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that it has filed a class action lawsuit in the United States District Court for the District of Northern Ohio captioned Lim v. Hightower et al. (Case No. 4:23-cv-01454) on behalf of persons and entities that purchased or otherwise acquired Lordstown Motors Corp. (“Lordstown” or the “Company”) (NASDAQ:RIDE) securities between August 4, 2022, through and including June 26, 2023 (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Investors are hereby notified that they have until September 25, 2023, to move the Court to serve as lead plaintiff in this action.

If you are a shareholder who suffered a loss, click here to participate.

The lawsuit alleges that, throughout the Class Period, Lordstown represented publicly that it had been working collaboratively with Hon Hai Technology Group (“Foxconn”) in the context of the companies’ joint venture. However, on June 27, 2023, Lordstown revealed in a court filing that, contrary to Lordstown’s Class Period representations, the Company’s vital partnership with Foxconn had long been in jeopardy and Foxconn’s conduct toward Lordstown had been anything but collaborative. Lordstown filed litigation against Foxconn and several of its subsidiaries in the U.S. Bankruptcy Court for the District of Delaware alleging Foxconn’s fraud, bad faith, and failure to live up to its commercial and financial commitments to the Company.

On this news, the Company’s stock price fell $0.54 per share, over 21%, to close at $2.29 per share on June 27, 2023.

The complaint filed in this class action alleges that throughout the Class Period, Defendants repeatedly made and/or caused Lordstown to make false and/or misleading statements about Lordstown’s relationship with Foxconn suggesting, or in some instances, representing that Foxconn was working cooperatively with Lordstown when in fact, the partnership had stalled soon after the execution of a joint venture agreement and quickly soured.

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If you purchased Lordstown securities during the Class Period, you may move the Court no later than September 25, 2023, to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Lordstown securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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