Defendant Name: Lordstown Motors Corp.

Defendant Type: Public Company

Document Reference: 2024-29

Document Details

Legal Case Name In the Matter of Lordstown Motors Corp.
Document Name SEC Charges Lordstown Motors with Misleading Investors about Company's Flagship Electric Vehicle; Company's former auditor charged with violating auditor independence standards
Document Date 29-Feb-2024
Document Format Administrative Proceeding
File Number 3-21875
Allegation Type Issuer Reporting and Disclosure
Document Summary On February 29, 2024, the SEC stated that: "[It] charged Lordstown Motors Corp. with misleading investors about the sales prospects of Lordstown’s flagship electric pickup truck, the Endurance. Lordstown, which filed for bankruptcy in 2023, went public by merging with a special purpose acquisition company (SPAC) in 2020."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Monetary Penalties:

Disgorgement

Individual:     $25,500,000.00 Shared:    

Related Documents:

33-11274 29-Feb-2024 Administrative Proceeding
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
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."

Related Actions:

In the Matter of Clark Schaefer Hackett & Co.
Clark Schaefer Hackett & Co.
SEC v. Stephen Scott Burns
Stephen Scott Burns