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RIDE.US
id: 787

Lordstown (RIDE) "Foxconn Collaboration" Case

N.D. Ohio
Court
4:23-cv-0145
Case number
04 Aug 2022
Class period Start
27 Jun 2023
Class period End
25 Sept 2023
Lead Plaintiff motion deadline
On June 27, 2023, Lordstown (RIDE) revealed in a court filing that, contrary to Lordstown’s 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, $RIDE fell over 21%, seriously damaging investors.

Taking all representations into account, Investors have reasons to suspect Lordstown of 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.
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
27 June 2023
Filing date
26 July 2023
Lead Plaintiff Deadline
25 September 2023
Judge
Hon. Benita Y. Pearson
Collecting participants…

Lordstown Motors Corp

Lordstown Motors Corp. develops, manufactures, and sells Endurance, an electric full-size pickup truck for fleet customers in the United States. Lordstown Motors Corp. was incorporated in 2018 and ...

    Ticker
    RIDE.US
    CIK
    1759546
    Sector
    Consumer Cyclical
    Industry
    Automobiles & Auto Parts
    Country
    USA