{"id":470865,"date":"2021-04-05T09:38:27","date_gmt":"2021-04-05T13:38:27","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=470865"},"modified":"2021-04-05T09:38:27","modified_gmt":"2021-04-05T13:38:27","slug":"hagens-berman-national-trial-attorneys-alerts-lordstown-motors-corp-ride-investors-to-securities-fraud-action-and-encourages-investors-with-significant-losses-to-contact-its-attorneys","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/hagens-berman-national-trial-attorneys-alerts-lordstown-motors-corp-ride-investors-to-securities-fraud-action-and-encourages-investors-with-significant-losses-to-contact-its-attorneys\/","title":{"rendered":"HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Alerts Lordstown Motors Corp. (RIDE) Investors to Securities Fraud Action and Encourages Investors with Significant Losses to Contact its Attorneys"},"content":{"rendered":"
\n

SAN FRANCISCO, April 05, 2021 (GLOBE NEWSWIRE) — Hagens Berman urges Lordstown Motors Corp. (NASDAQ: RIDE) <\/strong>investors to submit your losses now<\/a>.<\/p>\n

\n Class Period: <\/strong>Aug. 3, 2020 \u2013 Mar. 17, 2021
Lead Plaintiff Deadline: <\/strong>May 17, 2021
Visit:<\/strong>www.hbsslaw.com\/cases\/RIDE<\/a>
Contact an Attorney Now:<\/strong>RIDE@hbsslaw.com<\/a>
844-916-0895<\/strong><\/p>\n

\n RIDE Securities Fraud Class Action:<\/strong>\n <\/p>\n

The complaint alleges defendants misled investors by (i) falsely touting customer pre-orders when they were non-binding agreements, (ii) concealing that many would-be customers lacked the means to make such purchases, (iii) misstating that Lordstown was \u201con track\u201d to commence production of the Endurance in Sept. 2021, and (iv) omitting to disclose that the first Endurance test run resulted in the vehicle quickly bursting into flames.<\/p>\n

Investors began to learn the truth on Mar. 12, 2021, when Hindenburg Research <\/em>published a report, claiming that the 100,000 pre-orders for Lordstown\u2019s EV truck are \u201clargely fictitious and used as a prop to raise capital and confer legitimacy.\u201d Hindenburg<\/em> also cited significant, undisclosed production delays and a prototype that \u201cburst into flames 10 minutes before the test drive\u201d in Jan. 2021, substantiating claims by former employees that the company is not conducting the needed testing or validation required by the NHTSA. On this news, Lordstown shares fell by 17% in one trading day.<\/p>\n

Before the markets opened on Mar. 18, 2021, Lordstown\u2019s CEO, Stephen Burns, appeared on CNBC stating, \u201cWe never said we had orders. We don\u2019t have a product yet so by definition you can\u2019t have orders<\/em><\/strong>.\u201d Lordstown shares fell approximately another 9% on this news.<\/p>\n

\n More recently, on Mar. 24, <\/strong>
\n
\n Hindenburg<\/em>
\n <\/strong>
\n hit again,\u00a0<\/strong>
\n
\n publishing photos<\/strong>
\n <\/a>
\n \u00a0of a broken down Endurance on a tow truck during a commercial shoot last summer.\u00a0 The commercial aired several days before Lordstown Motors announced its merger with SPAC DiamondPeak.<\/strong>\n <\/p>\n

\n Then, on Mar. 25, 2021, Lordstown filed its annual report disclosing that the SEC has instructed the company to turn over documents relating to the SPAC merger and pre-orders of its vehicles.<\/strong>\n <\/p>\n

\u201cWe\u2019re focused on investors\u2019 losses and proving Lordstown duped investors about its order book,\u201d said Reed Kathrein, the Hagens Berman partner leading the investigation.<\/p>\n

If you are a Lordstown investor and have significant losses, or have knowledge that may assist the firm\u2019s investigation, click here to discuss your legal rights with Hagens Berman<\/a>.<\/p>\n

\n Whistleblowers: <\/strong>Persons with non-public information regarding Lordstown Motors should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895<\/strong> or email RIDE@hbsslaw.com<\/a>.<\/p>\n

\n
\n About Hagens Berman<\/u>
\n <\/a>
\n
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation.\u00a0\u00a0 More about the firm and its successes is located at hbsslaw.com<\/a>. For the latest news visit our newsroom<\/u><\/a> or follow us on Twitter at @classactionlaw<\/u><\/a>.<\/p>\n

\n Contact: <\/u>
\n
Reed Kathrein, 844-916-0895<\/p>\n<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

SAN FRANCISCO, April 05, 2021 (GLOBE NEWSWIRE) — Hagens Berman urges Lordstown Motors Corp. (NASDAQ: RIDE) investors to submit your losses now. Class Period: Aug. 3, 2020 \u2013 Mar. 17, 2021Lead Plaintiff Deadline: May 17, 2021Visit:www.hbsslaw.com\/cases\/RIDEContact an Attorney Now:RIDE@hbsslaw.com844-916-0895 RIDE Securities Fraud Class Action: The complaint alleges defendants misled investors by (i) falsely touting customer pre-orders when they were non-binding agreements, (ii) concealing that many would-be customers lacked the means to make such purchases, (iii) misstating that Lordstown was \u201con track\u201d to commence production of the Endurance in Sept. 2021, and (iv) omitting to disclose that the first Endurance test run resulted in the vehicle quickly bursting into flames. Investors began to learn the truth on Mar. 12, 2021, when … <\/p>\n

Continue reading “HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Alerts Lordstown Motors Corp. (RIDE) Investors to Securities Fraud Action and Encourages Investors with Significant Losses to Contact its Attorneys”<\/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-470865","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nHAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Alerts Lordstown Motors Corp. 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