Truck Co. Inflated Preorder Sales, Lost $1.9B, Investors Say

Law360 (April 29, 2021, 6:24 PM EDT) -- Electric vehicle manufacturer Lordstown Motors Corp. was hit with a proposed class action Wednesday in which investors say they lost $1.9 billion after reports revealed the company was not capable of meeting supposedly 100,000 preorders for its line of pickup trucks.

Investors Daniel Cohen and David Cohen say the automaker touted enthusiastic presales for its signature line of "Endurance" electric pickup trucks, claiming numbers as high as 100,000 before a damaging report revealed that Lordstown was nowhere near ready to put its trucks on the road. That sent Lordstown's stock price into a tumble that lost 35.7% of its value....

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