Investors can contact the law firm at no cost to learn more about recovering their losses​

LOS ANGELES, July 28, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Lordstown Motors Corp. (“Lordstown” or the “Company”) (NASDAQ: RIDEQ) investors that a lawsuit filed on behalf of investors that purchased Lordstown securities from August 4, 2022 through and including June 26, 2023, both dates inclusive (the “Class Period”).

Investors have 60 days from the date of this notice to move the Court to be appointed as lead plaintiff in this action.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

The lawsuit claims that Lordstown made false and misleading statements about its collaboration with Foxconn during the Class Period. Lordstown had publicly represented that it was working closely with Foxconn in a joint venture. However, in a court filing on June 27, 2023, Lordstown revealed that its partnership with Foxconn was in jeopardy and that Foxconn's behavior was not collaborative. Lordstown filed a lawsuit against Foxconn and its subsidiaries in the U.S. Bankruptcy Court, alleging fraud, bad faith, and failure to uphold their financial commitments.

Following this news, Lordstown's stock price plummeted by over 21%, falling $0.54 per share to close at $2.29 per share on June 27, 2023. The complaint filed in the class action accuses the defendants of repeatedly making false statements or causing Lordstown to do so, giving the impression of a cooperative relationship with Foxconn when, in reality, the partnership had faltered shortly after the joint venture agreement was signed.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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