SHAREHOLDER ACTION REMINDER: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Lordstown Motors Corp. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm
THE ANGEL–(BUSINESS WIRE) – Schall Law Firm, a national shareholder rights law firm, announces it is filing a class action lawsuit against Lordstown Motors Corp. (“Lordstown Motors” or “the Company”) (NASDAQ: RIDE) for violating Sections 10 of (b) and 20 (a) of the Securities Exchange Act of 1934 and Rule 10b-5 by the US Securities and Exchange Commission.
Investors who purchased the Company’s securities between August 3, 2020 and March 17, 2021 (including the “Class Period”) are requested to contact the Company before May 17, 2021.
If you are a shareholder who has suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall law firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335 to discuss your rights at no charge. You can also contact us on the company’s website at www.schallfirm.com or by email at firstname.lastname@example.org.
In this case, the class has not yet been certified and you will not be represented by a lawyer until certification. If you don’t take action, you can remain an absent class member.
According to the complaint, the company made false and misleading statements to the market. Lordstown’s alleged orders were indeed non-binding. Many of the customers who made these alleged pre-orders either couldn’t afford the vehicles or didn’t need the company’s endurance truck. The company is not “on track” to begin production of the Endurance in September 2021. In fact, the vehicle’s first test run resulted in it catching fire. Because of these facts, the company’s public statements were false and materially misleading throughout the teaching period. When the market learned the truth about Lordstown, investors suffered damage.
Join the case to make up for your losses.
Schall law firm represents investors around the world and specializes in class action and shareholder disputes.
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.