The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Lordstown Motors Corp (NASDAQ: RIDE) who purchased shares between August 3, 2020 and March 24, 2021. The action, which was filed in the United States District Court for the Northern District of Ohio, alleges that the Company violated federal securities laws.
In particular, the Lordstown Motors lawsuit alleges that (i) the Company’s purported pre-orders were non-binding; (ii) 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; (iii) Lordstown is not and has not been “on track” to commence production of the Endurance in September 2021; (iv) the first test run of the Endurance led to the vehicle bursting into flames within 10 minutes; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until May 17, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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