Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Lordstown Motors Corp. (RIDE)
NEW YORK, March 19, 2021 (GLOBE NEWSWIRE) – Gainey McKenna & Egleston announce that a class action lawsuit against Lordstown Motors Corp. (“Lordstown” or the “Company”) (NASDAQ: RIDE) has been filed in the United States District Court for the Northern District of Ohio on behalf of those who owned the Lordstown securities between August 3, 2020 and March 17, 2021, inclusive ( the “Class Period”) bought or acquired. The lawsuit aims to seek compensation for investors in accordance with federal securities laws.
The complaint alleges that Defendants made false and / or misleading statements and / or failed to disclose that (1) the Company’s alleged pre-orders were non-binding; (2) many potential customers who made these alleged pre-orders lacked the funds to make such purchases and / or had no credible demand for Lordstown’s perseverance; (3) Lordstown is and was not “on track” to begin production of the Endurance in September 2021. (4) The first endurance test run resulted in the vehicle going up in flames within 10 minutes. and (5) as a result, Lordstown’s public statements have been materially false and misleading at all relevant times. When the real details hit the market, the lawsuit alleged that investors suffered damage.
Investors who have purchased or otherwise acquired stock of Lordstown during the class period should contact the company before May 17, 2021 Deadline for the main plaintiff’s motion. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. If you would like to discuss your rights or interests in relation to this class action lawsuit, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. from Gainey McKenna & Egleston at (212) 983-1300 or by email at firstname.lastname@example.org or Gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the company.