Lordstown stock falls 20% after short seller says electric-truck is a ‘mirage’

Must read

I Didn’t Want to Push My Aunt to Get the Vaccine. Now I Live With Regrets

In normal times, the ICU is a dreadful place. Sickness lingers like a fog. You can feel it, sense it, even hear it—the machinery pumping,...

Sephora Oh Snap! Sale: Get 50% Off Mario Badescu, BareMinerals & More

This is a 2-in-1 ultrasonic skincare device that unclogs pores and helps infuse your favorite skincare products. It deep cleans pores, extracts blackheads, and increases circulation...

45 Detroit Lions have tried to pass since the franchise’s last playoff win. How they rank

Sunday brings a new era for the Detroit Lions, as quarterback Jared Goff, acquired from the Los Angeles Rams in the offseason trade of...

Lordstown Motors Corp. stock fell nearly 20% on Friday after short seller Hindenburg Research published a report on the electric-truck maker, accusing it of misleading investors and being a “mirage.”

Lordstown RIDE has misled investors “on both its demand and production capabilities,” Hindenburg said, citing conversations with former employees, business partners, and documents that showed “fictitious orders” and others that were non-binding agreements.

The report also cited an unnamed former employee saying that delays and design modifications are putting the vehicles Lordstown has promised to produce by September at least three to four years away from production. A recent road test ended up with the vehicle catching fire, it said.

Lordstown did not immediately return a request for comment. The five analysts covering the stock and surveyed by…

Read more…

Related News

Latest article

New blockchain platform aims to track one-third of all shipping containers globally By Cointelegraph

New blockchain platform aims to track one-third of all shipping containers globally Global Shipping Business Network (GSBN) has launched a new blockchain-based platform that could...

FBI begins declassifying documents into Saudi 9/11 links

The memo lists some contact between Saudi nationals and hijackers, but does not implicate the government. Read more...

After seven years, an Apple car is still on the horizon

Minutes after the news broke this week that Doug Field, the former Tesla executive who led Apple’s car project, was defecting to Ford, the...

Is the Government of St. Kitts & Nevis now a Criminal Enterprise?

Today CS Global Partners advertised a special in releasing a press release on PR NewsWire for journalist to pick up and publish a fear...