A shareholder lawsuit was filed Thursday against an electric truck startup company claiming it has defrauded investors by making spurious claims about the number of preordered trucks and the progress it has made in starting production at a former General Motors plant in Ohio.
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The lawsuit filed by shareholder Chris Rico against Lordstown Motors Corp. in federal court in Youngstown seeks certification as a class-action complaint.
Lordstown Motors CEO Steve Burns acknowledged that the US.Securities and Exchange Commission is conducting an inquiry based on a lengthy and critical report issued late last week by the investment firm Hindenburg Research, which holds a short position on Lordstown Motors stock.
A company spokesperson did not respond to an emailed request for comment about the lawsuit on Thursday.
