New Orleans, Louisiana--(Newsfile Corp. - April 22, 2021) - Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 17, 2021 to file lead plaintiff applications in a securities class action lawsuit against Lordstown Motors Corp. (NASDAQ: RIDE) f/k/a DiamondPeak Holdings Corp., if they purchased the Company's shares between August 3, 2020 and March 24, 2021, inclusive (the "Class Period"). This action is pending in the United States District Court for the Northern District of Ohio.
What You May Do
If you purchased shares of Lordstown and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nasdaqgs-ride/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by May 17, 2021.
About the Lawsuit
Lordstown and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 12, 2021, pre-market, Hindenburg Research reported that the Company has "no revenue and no sellable product," and that it "has misled investors on both its demand and production capabilities." Further, the report noted that the Company's "orders are largely fictitious and used as a prop to raise capital and confer legitimacy," and that a former employee "explained how the company is experiencing delays and making 'drastic' design modifications, putting [Lordstown] an estimated 3-4 years away from production," rather than it being "on track" for a September 2021 production start.
Then, on March 17, 2021, post-market, the Company disclosed during an earnings call that it had received an inquiry from the U.S. Securities and Exchange Commission, despite not including that disclosure in its Form 8-K announcing its fourth quarter and full year 2020 financial results, filed after trading closed that same day.
On this news, shares of Lordstown plummeted.
The case is Rico v. Lordstown Motors Corp., et al., 21-cv-00616.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients - including public institutional investors, hedge funds, money managers and retail investors - in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81518.