On an earnings call earlier this week, Burns said the company's board of directors has created a special committee to oversee the situation. But damage has already been done. Shares of Lordstown, which went public a few months ago, are down several percentage points. Hindenburg, which immediately took a short position against Lordstown, meaning it'll earn a profit as the company's shares drop, conducted extensive research before releasing its findings.
Essentially, it uncovered several cases where Burns referred to pre-orders for the Lordstown Endurance truck, a rival to the Rivian R1T and Tesla Cybertruck, as "very serious orders." Instead, they were placed by small and borderline irrelevant companies with non-binding purchasing agreements.
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March 21, 2021 at 03:51AM
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The Feds Have Questions For Lordstown Motors - CarBuzz
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