New York, New York–(Newsfile Corp. – September 19, 2023) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Lordstown Motors Corp. (“Lordstown” or the “Company”) NASDAQ: RIDE (OTC Pink: RIDEQ) and reminds investors of the September 25, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Lordstown stock or options between August 4, 2022 and June 26, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/RIDEQ.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
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.
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 court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Lordstown’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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