LORDSTOWN ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against Lordstown Motors Corp. and Encourages Investors to Contact the Firm

By: Bragar Eagel & Squire, P.C. via Business Wire

August 08, 2023 at 01:39 AM EDT

Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, 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 all persons and entities who purchased or otherwise acquired Lordstown securities between August 4, 2022 and June 27, 2023, both dates inclusive (the “Class Period”). Investors have until September 25, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Click here to participate in the action.

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.

If you purchased or otherwise acquired Lordstown shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.