Morris Kandinov LLP has filed an inspection action on behalf of a Lordstown Motors Corp. (RIDE) shareholder to enforce a books and records demand made on the company. The inspection demand seeks to investigate, among other things, misrepresentations and significant stock sales by executives and insiders before investors learned that the company, despite its statements to the contrary, did not have a commercially viable electric truck and would not sell any trucks in 2021. The company is under SEC investigation and subject to multiple pending lawsuits. The new action seeks, among other things, documents regarding the company’s policies and procedures, the SEC’s investigation, and what insiders knew about the company’s production schedule and projected financials in late 2020 and early 2021.
For more information regarding the case, contact Leo Kandinov at email@example.com.