Defendant Name:
Lordstown Motors Corp.
Defendant Type:
Public Company
SIC Code:
9999
CUSIP:
54405Q20
Document Reference:
33-11274
Document Details
Legal Case Name
In the Matter of Lordstown Motors Corp.
Document Name
Order Instituting Cease-And-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-And-Desist Order
Document Date
29-Feb-2024
Document Format
Administrative Proceeding
AAER
4490
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On February 29, 2024, the SEC instituted cease-and-desist proceedings against Lordstown Motors Corp., stating: "These proceedings arise from misrepresentations by Lordstown and its former Chairman
and CEO, Steve Burns, about the company’s plans to develop the first full-size electric pickup
truck called the Endurance during and after the process of taking the company public."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Other Undertakings
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$25,500,000.00
Shared:
