Lordstown Motors stock leveled out Friday; CNBC host says he's lost trust - Mahoning Matters

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LORDSTOWN — Shares of Lordstown Motors Corp. (NASDAQ: RIDE) on Friday rebounded slightly following a 14-percent drop the day prior, after executives announced the SEC is reviewing a short-seller's claims the company misled its investors.

RIDE closed at $13.30 Friday, up 2.2 percent from its Thursday close, an all-time low of $13.01.

Executives declined to address the short-seller's report during the company's first earnings call with investors Wednesday and said the company's board of directors has formed a special committee to review them.

At least one class-action lawsuit has been filed against Lordstown Motors, and several other law firms have announced they're reviewing potential claims on behalf of shareholders.

CEO Steve Burns in a November interview with Jim Cramer, host of CNBC's Mad Money, said the company's non-binding letters of intent for its all-electric pickup truck, the Endurance, were "serious orders."

Cramer, who talked about the stock Thursday, said that claim conflicted with what he said on CNBC earlier that day.

“We’ve always been very clear, right? These are just what they’re intended to be. These are non-binding letters of intent. They’re called pre-orders out in the real world,” Burns said, when asked directly about the orders in an interview Thursday morning on CNBC’s Squawk Box. “I don’t think anyone thought that we had actual orders, right? That’s just not the nature of this business.”

Cramer said Thursday the comments caused him to lose trust in Burns..

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Lordstown Motors stock leveled out Friday; CNBC host says he's lost trust - Mahoning Matters
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