Lawsuit Claims Lordstown Motors Defrauded Investors
A shareholder lawsuit has been filed against an electric truck startup company in Ohio claiming it has defrauded investors.
The federal lawsuit filed Thursday in Youngstown claims Lordstown Motors Corp. has misled investors about the number of trucks that have been pre-ordered and when production will begin at the massive assembly plant the company bought from General Motors in 2019.
Plaintiff Matthew Rico seeks to have the lawsuit certified as a class-action complaint. One of the company's first prototypes caught fire in January 10 minutes into its initial test drive.
A company spokesperson didn't not respond to an emailed request for comment.