It is alleged in this complaint that throughout the class period Lordstown issued materially misleading and/or false statements and/or failed to disclose that: (i) Lordstown’s purported pre-orders were non-binding; (ii) many would-be customers who had made these purported pre-orders did not have the means to make such purchases and/or would not have credible demand for Lordstown’s Endurance; (iii) Lordstown is not and never has been “on track” to commence production of the Endurance in September 2021; (iv) Endurance’s first test run resulted in the vehicle bursting into flames within 10 minutes; and (v) Lordstown’s public statements were materially false and misleading at all relevant times as a result.
Lordstown Motors Corp.
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