{"id":460986,"date":"2021-03-18T14:32:01","date_gmt":"2021-03-18T18:32:01","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=460986"},"modified":"2021-03-18T14:32:01","modified_gmt":"2021-03-18T18:32:01","slug":"investor-alert-law-offices-of-howard-g-smith-announces-the-filing-of-a-securities-class-action-on-behalf-of-lordstown-motors-corp-ride-investors","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/investor-alert-law-offices-of-howard-g-smith-announces-the-filing-of-a-securities-class-action-on-behalf-of-lordstown-motors-corp-ride-investors\/","title":{"rendered":"INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Lordstown Motors Corp. (RIDE) Investors"},"content":{"rendered":"

<\/p>\n

INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Lordstown Motors Corp. (RIDE) Investors<\/b><\/p>\n

BENSALEM, Pa.–(BUSINESS WIRE<\/a>)–
\nLaw Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Lordstown Motors Corp. (\u201cLordstown\u201d or the \u201cCompany\u201d) (NASDAQ: RIDE<\/a>) securities between August 3, 2020 and March 17, 2021<\/b>, inclusive (the \u201cClass Period\u201d). Lordstown investors have until May 17, 2021<\/b> to file a lead plaintiff motion.\n<\/p>\n

\nInvestors suffering losses on their Lordstown investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com<\/a>.\n<\/p>\n

\nOn March 12, 2021, Hindenburg Research published a report alleging that Lordstown has \u201cno revenue and no sellable product.\u201d Though the Company has \u201cconsistently pointed to its book of 100,000 pre-orders as proof of deep demand of its proposed EV truck,\u201d the report alleged that these \u201corders are largely fictitious\u201d and merely formed a \u201cmarketing relationship\u201d with no obligation to purchase products.\n<\/p>\n

\nOn this news, the Company\u2019s share price fell $2.93, or 16.5%, to close at $14.78 on March 12, 2021, thereby injuring investors.\n<\/p>\n

\nThen on March 17, 2021, after trading had closed, the Company held an earnings call disclosing that Lordstown had received an inquiry from the Securities & Exchange Commission (\u201cSEC\u201d).\n<\/p>\n

\nOn this news, the stock fell approximately another 9% in aftermarket trading.\n<\/p>\n

\nThe complaint filed alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company\u2019s purported pre-orders were non-binding; (2) many of the would-be customers who made these purported pre-orders lacked the means to make such purchases and\/or would not have credible demand for Lordstown\u2019s Endurance; (3) Lordstown is not and has not been \u201con track\u201d to commence production of the Endurance in September 2021; (4) the first test run of the Endurance led to the vehicle bursting into flames within 10 minutes; and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and\/or lacked a reasonable basis at all relevant times.\n<\/p>\n

\nIf you purchased Lordstown securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com<\/a>, or visit our website at www.howardsmithlaw.com<\/a>.\n<\/p>\n

\nThis press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210318005881\/en\/<\/a><\/span><\/p>\n

\nLaw Offices of Howard G. Smith
\n
Howard G. Smith, Esquire
\n
215-638-4847
\n
888-638-4847
\n
howardsmith@howardsmithlaw.com
\n<\/a>
www.howardsmithlaw.com<\/a><\/p>\n

KEYWORDS:<\/b> Pennsylvania United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Legal Professional Services<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Lordstown Motors Corp. (RIDE) Investors BENSALEM, Pa.–(BUSINESS WIRE)– Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Lordstown Motors Corp. (\u201cLordstown\u201d or the \u201cCompany\u201d) (NASDAQ: RIDE) securities between August 3, 2020 and March 17, 2021, inclusive (the \u201cClass Period\u201d). Lordstown investors have until May 17, 2021 to file a lead plaintiff motion. Investors suffering losses on their Lordstown investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com. On March 12, … <\/p>\n

Continue reading “INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Lordstown Motors Corp. (RIDE) Investors”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-460986","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nINVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Lordstown Motors Corp. 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Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Lordstown Motors Corp. (\u201cLordstown\u201d or the \u201cCompany\u201d) (NASDAQ: RIDE) securities between August 3, 2020 and March 17, 2021, inclusive (the \u201cClass Period\u201d). Lordstown investors have until May 17, 2021 to file a lead plaintiff motion. Investors suffering losses on their Lordstown investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com. On March 12, … Continue reading "INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Lordstown Motors Corp. 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