The Justice Department is probing embattled electric-truck startup Lordstown Motors Corp. , according to people familiar with the matter.is being handled by the U.S. attorney’s office in Manhattan and is in early stages, the people said. The Securities and Exchange Commission is also looking at the company, Lordstown Motors has previously said.
The SEC first requested information from Lordstown Motors in February and has issued subpoenas regarding Lordstown Motors’ move last year to become a public company and, according to company filings. Lordstown Motors has said it is cooperating with the SEC’s investigation. A spokesman for Lordstown Motors didn’t comment on the Justice Department’s probe. Shares in Lordstown Motors fell after The Wall Street Journal’s report on the probe, trading down around 9% in Friday morning trading to $9.42.
The criminal probe is the latest challenge for the Ohio-based vehicle maker, which has been racked with months of bad news as it approaches a September target to start limited production of a full-size electric pickup truck called the Endurance.
is there a conspiracy to break this company or what? nothing but bad news for it. what about all the other scrappy/crappy electric car companies? they are not scrappy/crappy? why so much focus on this one?
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