Lordstown (RIDE) "Foxconn Collaboration" Case

The defendant has requested the court to dismiss the case.

N.D. Ohio

Court

4:23-cv-01454

Case number

08/04/2022

Class period Start

06/27/2023

Class period End

09/25/2023

Lead Plaintiff motion deadline

On June 27, 2023, Lordstown (RIDE) revealed in a court filing that, contrary to Lordstown’s representations, the Company’s vital partnership with Foxconn had long been in jeopardy and Foxconn’s conduct toward Lordstown had been anything but collaborative.

Lordstown filed litigation against Foxconn and several of its subsidiaries in the U.S. Bankruptcy Court for the District of Delaware alleging Foxconn’s fraud, bad faith, and failure to live up to its commercial and financial commitments to the Company.

On this news, $RIDE fell over 21%, seriously damaging investors.

Taking all representations into account, Investors have reasons to suspect Lordstown of misleading statements about Lordstown’s relationship with Foxconn suggesting, or in some instances, representing that Foxconn was working cooperatively with Lordstown when in fact, the partnership had stalled soon after the execution of a joint venture agreement and quickly soured.

Case Status

Motion to dismiss

Alleged Offence

Misleading Statements,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

06/27/2023

Filing date

07/26/2023

Lead Plaintiff Deadline

09/25/2023

Judge

Hon. Benita Y. Pearson