- Lordstown Motors went public on Nasdaq in October 2020, promising to revolutionize the EV sector with its commercial fleet-focused Lordstown Endurance. The company raised more than $675M from investors at the time of merging with SPAC DiamondPeak Holdings to go public.
- The company aggressively promoted Endurance as an economically viable option compared to other EV trucks promised by leading automakers and even went on to claim that it would take market share from the Ford F-150, the best-selling truck in the United States.
- After revealing pre-orders for approximately 100,000 Endurance vehicles in early 2021, Lordstown stock skyrocketed to an all-time high of over $460 in February 2021 (pre-reverse split). After being rebranded as Nu Ride, the stock now trades at $1.70.
- Hindenburg Research, in a report dated March 12, 2021, revealed that Lordstown has been deceiving investors by omitting key information regarding pre-orders for Endurance.
- Lordstown filed for bankruptcy in June 2023, blaming Foxconn, a business partner and investor, for failing to deliver commercial and financial commitments that led to "material and irreparable harm" to the company.
- The SEC charged Lordstown in February 2024 for misleading investors with fictitious Endurance pre-orders and concealing Lordstown's inability to access critical components for the production of EVs. Lordstown agreed to a payment of $25.5M to settle the claim.
- Lordstown Motors will pay up to $10M settlement due to this situation. All affected investors can file a claim to receive the payment.
