Lordstown Falls After Confirming Federal Regulator Probes (1)

Lordstown Motors Corp. shares fell after the troubled startup confirmed regulators are investigating its claims about potential sales of its debut electric vehicle.

The probe, which has been previously reported, is the latest woe to beset the company after an internal probe last month concluded it had misstated preorders for its planned Endurance pickup truck. Lordstown shares fell 3.9% Friday to $8.54.

Separately, Bank of America Corp. analyst John Murphy cut the price target on Lordstown to $11 a share from $13, with a lower valuation multiple than what he gives to peers Fisker Inc. and Canoo Inc.

Lordstown’s ...