Lordstown Motors Tumbles as Justice Department Begins Probe (2)
By Gabrielle Coppola and David Welch
July 2, 2021, 7:10 PM
Lordstown Motors Corp. is being probed by the U.S. Justice Department in relation to claims that the company exaggerated potential sales of its electric Endurance pickup truck, a person familiar with the matter said.
The probe is related to a previously reported inquiry of Lordstown’s operations by the Securities and Exchange Commission, said the person, who asked not to be named. The latest inquiry is in its early stages and is being handled by the U.S. attorney’s office in Manhattan, the person said.
Lordstown shares slid after the Wall Street Journal first reported on the Justice Department’s activity.