Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Lawsuit Against Lordstown Motors Corp.
NEW YORK, April 14, 2021 / PRNewswire / – Bernstein Liebhard, a nationally recognized investor rights law firm, is reminding investors of the deadline to file a motion by a lead plaintiff in a class action lawsuit filed on behalf of investors who bought or acquired the securities of Lordstown Motors Corp. . (“Lordstown“or the” Company “) (NASDAQ: RIDE) of August 3, 2020 by March 17, 2021 (the “Class Period”). The lawsuit has been filed The United States District Court for the Northern District of Ohio alleges violations of the Securities Exchange Act of 1934.
If you bought Lordstown Securities, and / or would like to discuss your legal rights and options, please visit or contact Lordstown Shareholder Class Action Lawsuit Matthew E. Guarnero toll free at (877) 779-1414 or [email protected]
The complaint alleges that throughout the class period, defendants made materially false and / or misleading statements and failed to advise investors that: (i) the company’s alleged pre-orders were non-binding; (ii) many potential customers who made these alleged pre-orders lacked the funds to make such purchases and / or did not have a credible demand for Lordstowns Endurance; (iii) Lordstown is not and was not “on track” to begin production of the Endurance in September 2021;; (iv) the first endurance test run resulted in the vehicle bursting into flames within 10 minutes; and (v) as a result, the Company’s public statements at all relevant times have been materially false and misleading.
Before the markets opened March 12, 2021, Analyst Hindenburg Research released a damning report on Lordstown Entitled: “The Lordstown Motors Mirage: Wrong Orders, Unknown Production Hurdles, and a Prototype Inferno.” In that report, Hindenburg noted that Lordstown has “no revenue and no salable product” and wrote that the company “has misled investors about both its demand and manufacturing capabilities”. The Hindenburg Report concluded Lordstowns “Orders are largely fictional and used as props to raise capital and give legitimacy,” and a former employee “explained how the company is experiencing delays and making” drastic “design changes [Lordstown] estimated 3-4 years away from production, “instead of having the company for a.” on the right track “is September 2021 Start of production.
In this news is the price of Lordstown Common stocks fell roughly 16.5% in one day March 11, 2021 Closing price from $ 17.71 to a March 12, 2021 near only $ 14.78. This equates to a lost market cap of hundreds of millions of dollars.
Then further March 17, 2021After the close of trading, the company held a profit call, pointed out by Lordstown’s CEO Stephen Burns revealed that Lordstown had received a request from the SEC. Although Lordstown In addition, a press release and Form 8-K was released, announcing financial results for the fourth quarter and full year 2020 after close of trading March 17, 2021the company did not disclose the existence of the SEC investigation in these filings. In the news, the stock fell another 9% in aftermarket trading.
If you want to appear as the lead plaintiff, you must move the court at the latest May 17, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you don’t take action, you may remain an absent class member.
If you bought Lordstown Securities and / or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/lordstownmotorscorp-ride-shareholder-class-action-lawsuit-stock-fraud-379/apply/ or contact us Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
Bernstein Liebhard LLP has been recovering since 1993 $ 3.5 billion for its customers. In addition to representing individual investors, the firm has been hired by some of the country’s largest public and private pension funds to oversee their assets and litigate on their behalf. Because of its litigation success with hundreds of lawsuits and class actions, the firm has been featured on the National Law Journal’s Hot List thirteen times and on The Legal 500 for ten consecutive years.
LAWYER. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779- 1414. The lawyer responsible for this complaint in the State of Connecticut is Michael S. Bigin. Past results do not guarantee or forecast a similar result with respect to future matters.
Matthew E. Guarnero
Bernstein Liebhard LLP
SOURCE Bernstein Liebhard LLP