NEW YORK, March 19, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Lordstown Motors Corp. (“Lordstown” or the “Company”) (NASDAQ: RIDE) in the United States District Court for the Northern District of Ohio on behalf of those who purchased or acquired the securities of Lordstown between August 3, 2020 and March 17, 2021, inclusive (the “Class Period”). The lawsuit seeks to recover damages for investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that (1) the Company’s 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’s Endurance; (3) Lordstown is not and has not been “on track” 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, Lordstown’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of Lordstown during the Class Period should contact the Firm prior to the May 17, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.