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id: 787, Created by Stan Vick, Scout
Lordstown (RIDE) "Foxconn Collaboration" Case
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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.
Failure to Disclose,
Shock Event Date
27 June 2023
26 July 2023
Lead Plaintiff Deadline
25 September 2023
Hon. Benita Y. Pearson