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RIDE.US
id: 787
Lordstown (RIDE) "Foxconn Collaboration" Case
N.D. Ohio
Court4:23-cv-0145
Case number08/04/2022
Class period Start06/27/2023
Class period End09/25/2023
Lead Plaintiff motion deadlineOn 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.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
06/27/2023
Filing date
07/26/2023
Lead Plaintiff Deadline
09/25/2023
Judge
Hon. Benita Y. Pearson