Shareholders Foundation, Inc.

OTC:RIDEQ Investor Alert: Lawsuit Alleges Misleading Statements by Lordstown Motors Corp.

A lawsuit was filed on behalf of investors in Lordstown Motors Corp. (OTC:RIDEQ) shares over alleged securities laws violations.


San Diego, CA -- (SBWIRE) -- 08/14/2023 -- An investor, who purchased shares of Lordstown Motors Corp. (OTC: RIDEQ), filed a lawsuit over alleged violations of Federal Securities Laws by Lordstown Motors Corp. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Lordstown Motors Corp. (OTC: RIDEQ) have certain options and for certain investors are short and strict deadlines running. Deadline: September 25, 2023. OTC: RIDEQ investors should contact the Shareholders Foundation at or call +1(858) 779 - 1554.

Lordstown, OH based Lordstown Motors Corp. develops, manufactures, and sells Endurance, an electric full-size pickup truck for fleet customers in the United States.

On May 11, 2022, Lordstown Motors Corp announced the sale of its Lordstown manufacturing facility to Hon Hai Technology Group ("Foxconn") and further executed a joint venture agreement (the "JV Agreement") with Foxconn to co-design and develop vehicle programs for the global commercial fleet market. The JV Agreement contemplated that the JV's first vehicle program would be based on certain vehicle designs that a Foxconn affiliate had already largely developed. Under the JV Agreement, Foxconn agreed to make, or to advance on Lordstown's behalf, capital contributions to the JV of up to $100 million.

On June 27, 2023 Lordstown Motors Corp. voluntarily entered into bankruptcy under Chapter 11 of United States Bankruptcy Code and revealed in a court filing that the Company's partnership with Foxconn had long been in jeopardy and Foxconn's conduct toward Lordstown had been anything but collaborative. Lordstown Motors Corp. 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.

The plaintiff claims that between August 4, 2022 and June 26, 2023, the 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.

Those who purchased shares of Lordstown Motors Corp. (OTC: RIDEQ) have certain options and should contact the Shareholders Foundation.

Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.