{"id":461013,"date":"2021-03-18T15:33:04","date_gmt":"2021-03-18T19:33:04","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=461013"},"modified":"2021-03-18T15:33:04","modified_gmt":"2021-03-18T19:33:04","slug":"the-law-offices-of-frank-r-cruz-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\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-lordstown-motors-corp-ride-investors\/","title":{"rendered":"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Lordstown Motors Corp. (RIDE) Investors"},"content":{"rendered":"<p>        <!--body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Lordstown Motors Corp. (RIDE) Investors<\/b><\/p>\n<p>LOS ANGELES&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com%2F&amp;esheet=52398320&amp;newsitemid=20210318005888&amp;lan=en-US&amp;anchor=The+Law+Offices+of+Frank+R.+Cruz&amp;index=1&amp;md5=9803f534431486b6a26017e890befa48\">The Law Offices of Frank R. Cruz<\/a> announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Lordstown Motors Corp. (\u201cLordstown\u201d or the \u201cCompany\u201d) (NASDAQ: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ffinance.yahoo.com%2Fquote%2FRIDE&amp;esheet=52398320&amp;newsitemid=20210318005888&amp;lan=en-US&amp;anchor=RIDE&amp;index=2&amp;md5=24ca6aac98394250878a29f9369f2a30\">RIDE<\/a>) securities between <b>August 3, 2020 and March 17, 2021<\/b>, inclusive (the \u201cClass Period\u201d). Lordstown investors have until <b>May 17, 2021<\/b> to file a lead plaintiff motion.\n<\/p>\n<p>\nIf you are a shareholder who suffered a loss, click <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com%2Fcases%2Flordstown-motors-corp%2F&amp;esheet=52398320&amp;newsitemid=20210318005888&amp;lan=en-US&amp;anchor=here&amp;index=3&amp;md5=2f75ef2747509cd2fe1f31769bd51a4c\">here<\/a> to participate.\n<\/p>\n<p>\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<p>\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<p>\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 &amp; Exchange Commission (\u201cSEC\u201d).\n<\/p>\n<p>\nOn this news, the stock fell approximately another 9% in aftermarket trading.\n<\/p>\n<p>\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&#8217; 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<p>\nFollow us for updates on Twitter: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2FFRC_LAW&amp;esheet=52398320&amp;newsitemid=20210318005888&amp;lan=en-US&amp;anchor=twitter.com%2FFRC_LAW&amp;index=4&amp;md5=6cdbca987ff85b276cd48dab18a5ee78\">twitter.com\/FRC_LAW<\/a>.\n<\/p>\n<p>\nIf you purchased Lordstown securities during the Class Period, you may move the Court no later than <b>May 17, 2021 <\/b>to ask the Court 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 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to <a rel=\"nofollow\" href=\"mailto:info@frankcruzlaw.com\">info@frankcruzlaw.com<\/a>, or visit our website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com&amp;esheet=52398320&amp;newsitemid=20210318005888&amp;lan=en-US&amp;anchor=www.frankcruzlaw.com&amp;index=5&amp;md5=2f34de9af59556c3bc547bb656da74c8\">www.frankcruzlaw.com<\/a>. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.\n<\/p>\n<p>\nThis press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210318005888r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210318005888\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210318005888\/en\/<\/a><\/span><\/p>\n<p>\nThe Law Offices of Frank R. Cruz, Los Angeles<br \/>\n<br \/>Frank R. Cruz, 310-914-5007<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:fcruz@frankcruzlaw.com\">fcruz@frankcruzlaw.com<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.frankcruzlaw.com&amp;esheet=52398320&amp;newsitemid=20210318005888&amp;lan=en-US&amp;anchor=www.frankcruzlaw.com&amp;index=6&amp;md5=0c68752c73cef181b9659979643b8498\">www.frankcruzlaw.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> California United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Legal Professional Services<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210318005888\/en\/765953\/3\/Close_Up_Logo_HD_Blue.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Lordstown Motors Corp. (RIDE) Investors LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired 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. If you are a shareholder who suffered a loss, click here to participate. On March 12, 2021, Hindenburg Research published a report alleging that Lordstown has \u201cno revenue and no sellable product.\u201d Though &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-lordstown-motors-corp-ride-investors\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Lordstown Motors Corp. (RIDE) Investors&#8221;<\/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-461013","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Lordstown Motors Corp. (RIDE) Investors - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-lordstown-motors-corp-ride-investors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Lordstown Motors Corp. (RIDE) Investors - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Lordstown Motors Corp. (RIDE) Investors LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired 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. If you are a shareholder who suffered a loss, click here to participate. On March 12, 2021, Hindenburg Research published a report alleging that Lordstown has \u201cno revenue and no sellable product.\u201d Though &hellip; Continue reading &quot;The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Lordstown Motors Corp. 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Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired 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. If you are a shareholder who suffered a loss, click here to participate. On March 12, 2021, Hindenburg Research published a report alleging that Lordstown has \u201cno revenue and no sellable product.\u201d Though &hellip; Continue reading \"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Lordstown Motors Corp. 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