NEW YORK--(BUSINESS WIRE)--Kirby McInerney LLP announces that it has filed a class action lawsuit in the United States District Court for the District of Northern Ohio on behalf of persons and entities that purchased or otherwise acquired against Lordstown Motors Corp. (“Lordstown” or the “Company”) (NASDAQ: RIDE) securities during the period from August 4, 2022 through and including June 26, 2023 (the “Class Period”). Plaintiff pursues claims against certain Lordstown officers under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Investors have 60 days from the date of this notice to move the Court to be appointed as lead plaintiff in this action.
The lawsuit alleges that, throughout the Class Period, Lordstown represented publicly that it had been working collaboratively with Hon Hai Technology Group (“Foxconn”) in the context of the companies’ joint venture. However, on June 27, 2023, Lordstown revealed in a court filing that, contrary to Lordstown’s Class Period representations, the Company’s vital partnership with Foxconn had long been in jeopardy and Foxconn’s conduct toward Lordstown had been anything but collaborative. Lordstown filed litigation against Foxconn and several of its subsidiaries in the U.S. Bankruptcy Court for the District of Delaware alleging Foxconn’s fraud, bad faith, and failure to live up to its commercial and financial commitments to the Company.
On this news, the Company’s stock price fell $0.54 per share, over 21%, to close at $2.29 per share on June 27, 2023.
The complaint filed in this class action alleges that throughout the Class Period, Defendants repeatedly made and/or caused Lordstown to make false and/or misleading statements about Lordstown’s relationship with Foxconn suggesting, or in some instances, representing that Foxconn was working cooperatively with Lordstown when in fact, the partnership had stalled soon after the execution of a joint venture agreement and quickly soured.
If you purchased or otherwise acquired Lordstown securities during the Class Period, you may move the Court no later than 60 days from the date of this notice to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased or otherwise acquired Lordstown securities, have information, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lauren K. Molinaro of Kirby McInerney LLP by email at investigations@kmllp.com, to discuss your rights or interests with respect to these matters without any cost to you. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
