LORDSTOWN SHAREHOLDER ALERT by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Reminds Investors With Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Lordstown Motors Corp. – RIDE
NEW ORLEANS–(BUSINESS WIRE) – Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Louisiana Attorney General Charles C. Foti, Jr., remind investors they have up May 17, 2021 Lead plaintiffs in class action lawsuit against Lordstown Motors Corp. (NasdaqGS: RIDE) f / k / a DiamondPeak Holdings Corp. if they purchased the Company’s shares between August 3, 2020 and March 17, 2021 inclusive (the “Class Period”). This lawsuit is pending in the United States District Court for the Northern District of Ohio.
What you can do
If you have purchased Lordstown stock and would like to discuss your statutory rights and the possible impact this case may have on you and your right to reimbursement of your economic loss, you can contact KSF’s managing partner, Lewis Kahn, free of charge, at no obligation or cost 1-877-515-1850 or email (firstname.lastname@example.org) or visit https://www.ksfcounsel.com/cases/nasdaqgs-ride/ to learn more. If you want to appear as the lead plaintiff in this class action lawsuit, you must file a motion with the court May 17, 2021.
About the lawsuit
Lordstown and some of its executives are accused of failing to disclose material information during the classroom, in violation of federal securities laws.
On March 12, 2021, prior to launch, Hindenburg Research reported that the company had “no revenue and no salable product” and “had misled investors about both its demand and manufacturing capabilities.” The report also found that the company’s “assignments are largely fictitious and act as a prop to raise capital and give legitimacy,” and that a former employee “explained how the company is experiencing delays and making” drastic “design changes [Lordstown] an estimated 3-4 years away from production ”instead of being“ on the right track ”for a production start in September 2021.
Then, on March 17, 2021, post-market, the company announced during a earnings call that it had received a request from the US Securities and Exchange Commission, even though that disclosure was not included on Form 8-K in the fourth quarter and fully announced financial results for 2020, filed after the close of trading on the same day.
On the news, Lordstown’s stocks plummeted.
The case is Rico v Lordstown Motors Corp. et al., 21-cv-00616.
About Kahn Swick & Foti, LLC
KSF, partnered with former Louisiana Attorney General Charles C. Foti Jr., is one of the leading securities litigation law firms in the country. KSF assists a wide variety of clients – including public institutional investors, hedge funds, money managers and private investors – in their search for investment losses due to corporate fraud and misconduct by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you can visit www.ksfcounsel.com.