Lordstown Motors in $25.5m Settlement Over SEC Claims

Lordstown Motors agreed to a settlement including a disgorgement of $25.5m over US SEC claims that Lordstown misled investors about the sales prospects of its flagship electric pickup truck, according to a statement by the agency.

• Lordstown claimed it had received more than 100,000 nonbinding “pre-orders” for the vehicle from commercial fleet customers, the agency said
• Most of the pre-orders came from companies that did not operate fleets or intend to buy the truck for their own use, according to the SEC
• Without admitting or denying the SEC’s findings and subject to bankruptcy court approval, Lordstown agreed to the disgorgement, ...