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Department of Justice opens investigation into EV startup Lordstown Motors

Lordstown Motors continues to stumble. The beleaguered electric vehicle startup is now being investigated by the Department of Justice, in addition to an ongoing investigation by the Securities and Exchange Commission. The investigation, first broke by the Wall Street Journal on Friday, is still in its early stages, according to unnamed sources. It is being conducted by the U.S. attorney’s office in Manhattan. “Lordstown Motors is committed to cooperating with any regulatory or governmental inve...
Tags: Startups, TC, Transportation, Drama, Tech, General Motors, Automotive, Electric Vehicles, Investigations, SEC, Department Of Justice, EVs, Wall Street Journal, WSJ, Securities And Exchange Commission, SPAC


Lordstown Motors drops after report that the EV maker is the target of a probe by the Justice Department

The Endurance. Lordstown Motors Lordstown Motors dropped sharply after a Wall Street Journal report that the EV maker is the target of a DOJ probe. The Journal did not specify further details about the nature of the probe. Shares of Lordstown fell as much as 17% to $8.56. Trading was halted after the report. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Lordstown Motors dropped as much as 17% to $8.56 a share after the Wall Street Journal reported the electri...
Tags: US, Trends, Markets, Manhattan, SEC, Doj, Wall Street Journal, Justice Department, Journal, WSJ, Ride, US Department of Justice, SPAC, Lordstown, US Securities and Exchange Commission, Lordstown Motors


The Justice Department has reportedly opened a probe into electric car startup Lordstown Motors

Vice President Mike Pence at the unveiling of the Lordstown Endurance. Lordstown Motors The Justice Department is probing Lordstown Motors, the WSJ reported. The SEC began probing the company earlier this year following accusations from a short-seller that the company misled investors. A Lordstown spokesperson did not respond to a request for comment about the reported probe by the DOJ. See more stories on Insider's business page. The US Justice Department is probing electric car start...
Tags: Transportation, News, Cars, US, Trends, Tesla, Manhattan, SEC, Electric Cars, Doj, Justice Department, WSJ, Securities And Exchange Commission, Mike Pence, Lordstown, US Justice Department


Jim Chanos in an interview slammed SPACs for enticing investors to buy 'very bad businesses' and revealed he's shorting several of them

David Orrell/CNBC/NBCU Photo Bank/NBCUniversal/Getty Images Jim Chanos slammed SPACs for deceiving investors in a recent interview with the Financial Times. The hedge fund manager revealed he's shorting several SPAC companies with "silly" valuations. "As the boom has gone on, we suspect that more and more companies are playing . . . fast and loose with their projections," he said. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Legendary short-seller Jim Chan...
Tags: US, Trends, Markets, Financial Times, SPAC, Lordstown, US Securities and Exchange Commission, Jim Chanos Short, Jim Chanos, Hindenburg, Chanos, Lordstown Motors, Hindenburg Research, Emily Graffeo, Jim Chanos Tesla, SPAC boom


Lordstown Motors insiders reportedly sold $8 million of stock ahead of bad news that sent shares of the EV maker plummeting

The Endurance. Lordstown Motors Top execs at Lordstown Motors sold $8 million worth of stock a month before reporting disappointing financial results, according to the Wall Street Journal. The disclosure of the sales comes only a week after the resignations of the firm's CEO and CFO. Lordstown says a special committee concluded that the sales were "made for reasons unrelated to the performance of the company." Sign up here for our daily newsletter, 10 Things Before the Opening Bell. T...
Tags: Trends, Markets, Electric Vehicles, SEC, Wall Street Journal, Cfo, Lordstown, Electric trucks, Julio Rodriguez, Lordstown Motors, Hindenburg Research, MI Exclusive, Ethan Wu, Rich Schmidt, Endurance Lordstown Motors Top, CFO Lordstown


Lordstown executives sold millions of dollars in stock before problems became public

Lordstown Motors, the embattled electric truck startup, is facing more scrutiny after several of its top executives sold off millions in dollars of stock prior to its dismal first-quarter earnings report.
Tags: Cnn, Lordstown, Lordstown Motors


The Station: Waymo nabs more capital, Cruise taps a $5B credit line and hints about Argo’s future

The Station is a weekly newsletter dedicated to all things transportation. Sign up here — just click The Station — to receive it every weekend in your inbox. Hello and welcome back to The Station, a weekly newsletter dedicated to all the ways people and packages move (today and in the future) from Point A to Point B. A few Extra Crunch items highlight before we jump into things. This week, we published an interview with Refraction AI co-founder and CTO Matthew Johnson-Roberson as part of an ongo...
Tags: Google, Amazon, Transportation, Electric Vehicle, Europe, UK, Microsoft, Australia, California, Washington, China, San Francisco, Tech, Tesla, Austin, Cruise


Google is moving nearly 20% of its Health division to other areas of the company. It's yet another growing pain for the unit.

Hello!Welcome to this weekly roundup of stories from Insider's Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.What we're going over today:Google is downsizing its health team and moving employees to Fitbit as part of a major reorganization.Credit Suisse has lost at least 45 employees after a string of scandals in recent months.Instacart is taking on Google and Facebook with its $1 billion ads business. We have a look inside its p...
Tags: Google, Amazon, Facebook, Business, New York Post, Florida, Finance, Wall Street, Amc, Newsletter, Trends, Tech, Tesla, Bank Of America, Banking, Austin


Lordstown Deathwatch: Another Unflattering SEC Filing Emerges

We’ve got more bad news about Lordstown Motors. Following several volleys of bad mojo ending with the departure of its upper management, the EV startup has informed the Securities and Exchange Commission (SEC) on Thursday that it doesn’t have any binding purchase orders or commitments. That’s not what the company was saying several months ago. Hell, that […] The post Lordstown Deathwatch: Another Unflattering SEC Filing Emerges appeared first on The Truth About Cars.
Tags: Startups, Electric Vehicles, Autos, Automotive Industry, EVs, Lordstown, Securities and Exchange Commission SEC, Deathwatch, Electric Pickup, EV startups, Lordstown Motors, Lordstown Motors Following


Lordstown Motors now says it does not have 'binding' orders, reversing a statement by its president

The Endurance. Lordstown Motors Lordstown's president on Tuesday said the company had "binding" orders for all of its trucks until 2022. Days later, the company corrected those claims in filings with the Securities Exchange Commission. "We have no binding purchase orders or commitments from customers," the company said. See more stories on Insider's business page. It has been a tumultuous week for the electric vehicle startup Lordstown Motors.The company on Monday announced the res...
Tags: Transportation, Trends, Markets, SEC, Preorders, SCHMIDT, Lordstown, Securities Exchange Commission, DOMINICK REUTER, Lordstown Motors, Rich Schmidt, Endurance Lordstown Motors Lordstown


Lordstown Motors reverses claims about “binding orders” for electric pickup truck

Lordstown Motors does not have binding orders from customers for its electric Endurance pickup truck — a reversal from claims made earlier this week by company executives in an effort to restore confidence in the troubled company, according to a regulatory filing released Thursday. Lordstown Motors interim CEO Angela Strand and President Rich Schmidt made a series of statements Tuesday at an Automotive Press Association event that drove up shares in the company, including that it has enough “bin...
Tags: Transportation, Electric Vehicle, Tech, Automotive, Electric Vehicles, SEC, Securities And Exchange Commission, Don, SPAC, Lordstown, U S Securities and Exchange Commission, Steve Burns, Automotive Press Association, Hindenburg, Workhorse Group, Electric Pickup Truck


Lordstown Motors execs cite binding orders to restore confidence a day after CEO, CFO resignations

Lordstown Motors has enough ‘binding orders’ from customers to fund limited production of its electric pickup truck through May 2022, executives at the company said Tuesday just a a day after an executive shakeup that included the resignation of the company’s CEO and CFO. Reaching that goal will come at a cost. The company is putting all of its resources towards the Endurance pickup truck, which means other projects including an electric recreational van has been put on hold, according to commen...
Tags: Transportation, Tech, Ford, Gm, SEC, Don, SPAC, SCHMIDT, Lordstown, LMC, Reuters GM, Lordstown Motors, Hindenburg Research, Angela Strand, Rich Schmidt


Lordstown Motors rises after the company's president says the EV maker is raising additional funds and reconfirming vehicle orders

The Endurance. Lordstown Motors Lordstown Motors jumped as much as 13.58% on Tuesday before paring gains. The jump came after president Rich Schmidt said his company is raising new funds and reconfirming orders for its electric vehicles. Lordstown's CEO and CFO resigned on Monday due to evidence of inaccurate statements. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Lordstown Motors stock jumped as much as 13.58% on Tuesday before paring gains after Presiden...
Tags: Trends, Detroit, Burns, SCHMIDT, Lordstown, Steve Burns, Automotive Press Association, Julio Rodriguez, General Motors Lordstown, Lordstown Motors, Hindenburg Research, Endurance Lordstown Motors Lordstown Motors, Will Daniel, Angela Strand, Rich Schmidt, Things Before the Opening Bell Lordstown Motors


Lordstown Has 'Binding Orders' for First Two Years of Production -President

By Ben Klayman and Joseph WhiteDETROIT (Reuters) -Lordstown Motors Corp has "firm" and "binding" orders for the first two years of production of...
Tags: Lordstown, Ben Klayman, Joseph WhiteDETROIT Reuters Lordstown Motors Corp


Lordstown Motors Deathwatch: EV Startup Loses CEO

Starting a car brand has to be among the more foolhardy endeavors one can embark upon. The industry is saturated with giant, multinational companies that don’t want competition and a regulatory environment that requires a ludicrous amount of wealth and plenty of time to overcome. Despite this, we’ve seen countless electric vehicle startups attempting to accrete […] The post Lordstown Motors Deathwatch: EV Startup Loses CEO appeared first on The Truth About Cars.
Tags: Startups, Electric Vehicles, Autos, Automotive Industry, EVs, Lordstown, News Blog, Electric Pickup, EV startups, Hirings and Firings, Lordstown Motors, Staff Changes


Lordstown Motors CEO and CFO resign amidst production woes

Beleaguered electric vehicle startup Lordstown Motors’ stock shares have taken another hit after the company said Monday that CEO Steve Burns and CFO Julio Rodriguez have resigned, just a few weeks after Burns was reassuring investors of the company’s bright future. Lordstown Motors’ Lead Independent Director Angela Strand was appointed executive chairwoman to oversee the transition until a permanent CEO is found. Becky Roof will service as Interim CFO. Roof has acted as interim CFO at a number ...
Tags: TC, Transportation, Tech, Automotive, Electric Vehicles, SEC, Saks Fifth Avenue, Eastman Kodak, Burns, The Company, SPAC, Lordstown, U S Securities and Exchange Commission, Rodriguez, Steve Burns, Workhorse Group


Lordstown Motors slumps 15% on announcement of CEO and CFO resignation

FILE PHOTO: A view of the entrance to the West Plant of the General Motors Lordstown Complex assembly plant in Warren. Reuters Reuters Lordstown Motors shares fell 15% Monday after the company announced the CEO and CFO resigned. The resignations are effective immediately, according to a press release. Shares of the electric-vehicle startup have now lost about half their value this year. See more stories on Insider's business page. Lordstown Motors slumped 15% early Monday after two ...
Tags: Trends, General Motors, Markets, Electric Vehicles, Gm, Ohio, Cfo, Lordstown, Lordstown Ohio, Steve Burns, Julio Rodriguez, Lordstown Motors, Hindenburg Research, Lordstown Motors stock, CEO Resignations, Natasha Dailey


Embattled electric vehicle startup Lordstown Motors loses its CEO and CFO

The Endurance. Lordstown Motors Lordstown Motors' CEO and CFO have resigned, the company announced Monday. It said it had already started the search for permanent replacements. The electric vehicle startup warned last week it doesn't have enough cash to begin commercial production. See more stories on Insider's business page. Lordstown Motors lost two key executives - CEO Steve Burns and CFO Julio Rodriguez - who resigned from the company effective immediately, the company said...
Tags: Transportation, News, Trends, Electric Vehicles, Transport, Lordstown, Steve Burns, Julio Rodriguez, Lordstown Motors, Grace Dean, Endurance Lordstown Motors Lordstown Motors, Angela Strand, Becky Room


Electric-Truck Maker Lordstown's CEO, CFO Resign, Shares Slump

(Reuters) -Lordstown Motors Corp on Monday announced the sudden departure of its chief executive and finance head, just days after the electric...
Tags: Lordstown, Reuters Lordstown Motors Corp


Lordstown Motors extends decline to 33% as the electric-vehicle maker warns it may go out of business

The Endurance pickup truck. Lordstown Motors Lordstown Motors shares extended their decline to 33% after the electric vehicle maker warned late Tuesday that it's low on cash and faces shutting its doors. Lordstown outlined its warnings to investors with the Securities and Exchange Commission. The company is still targeting limited production of its Endurance pickup truck in September. See more stories on Insider's business page. Shares of Lordstown Motors slumped Wednesday, dee...
Tags: Trends, Markets, Electric Vehicles, Securities And Exchange Commission, Company, Lordstown, Going Concern, Carla Mozee, Lordstown Motors, RIDE stock price, MI Exclusive, Lordstown Motors Lordstown Motors, lordstown motors SEC, Lordstown warning, Endurance truck, Securities and Exchange Commission Lordstown


Lordstown Motors extends decline to 21% as the electric-vehicle maker warns it may go out of business

The Endurance pickup truck. Lordstown Motors Lordstown Motors shares extend decline to 21% after the electric vehicle maker warned late Tuesday that it's low on cash and faces shutting its doors. Lordstown outlined its warnings to investors with the Securities and Exchange Commission. The company is still targeting limited production of its Endurance pickup truck in September. See more stories on Insider's business page. Shares of Lordstown Motors fell early Wednesday, deepenin...
Tags: Trends, Markets, Electric Vehicles, Securities And Exchange Commission, Company, Lordstown, Going Concern, Carla Mozee, Lordstown Motors, RIDE stock price, MI Exclusive, Lordstown Motors Lordstown Motors, lordstown motors SEC, Lordstown warning, Endurance truck, Securities and Exchange Commission Lordstown


UPDATE 1-Lordstown warns of going concern risk, shares tank

Electric truck maker Lordstown Motors Corp expressed doubts about its ability to continue as a going concern, the company said in a...
Tags: Lordstown, Lordstown Motors Corp


Lordstown Warns of Going Concern Risk, Shares Tank

(Reuters) -Electric truck maker Lordstown Motors Corp expressed doubts about its ability to continue as a going concern, the company said in a...
Tags: Lordstown, Reuters Electric, Lordstown Motors Corp


Lordstown Motors Amends Annual Filing With Going Concern Notice

The electric-truck startup said in a filing that it has doubts about whether it can continue as a going concern through the end of the year.
Tags: Lordstown


Retail traders drive rallies in small-time electric vehicle stocks after Tesla posts better-than-expected China sales

Elon Musk walks with former Shanghai Mayor Ying Yong in 2019. STR / AFP via Getty Images STR / AFP via Getty Images Electric-car maker Canoo and auto retailer CarLotz rallied more than 30% amid retail-trader hype. Electric-vehicle manufacturer Workhorse also jumped Tuesday amid a broader meme-stock rally. Tesla reported its May sales in China rose 29% from the month prior. Shares gained before pulling back later in the day. See more stories on Insider's business page. Social media ch...
Tags: Elon Musk, China, Amc, Trends, Markets, Tesla, Shanghai, Reddit, SEC, Electric, Nasdaq, Hyundai, Securities And Exchange Commission, Clover Health, Wendy, SPAC


Embattled EV startup Lordstown Motors warns it may not have enough cash to start commercial production

Vice President Mike Pence at the unveiling of the Lordstown Endurance. Lordstown Motors Lordstown Motors warned it may not have enough cash to start commercial production of its debut pickup. The startup also said it had "sufficient doubts" about whether it can meet financial obligations. Lordstown was accused earlier this year by a short-seller of misleading investors. See more stories on Insider's business page. Electric-vehicle startup Lordstown Motors warned Tuesday that it may ...
Tags: Trends, General Motors, Electric, Mike Pence, Company, SPAC, Lordstown, Lordstown Ohio, Steve Burns, Lordstown Motors, Hindenburg Research, Tim Levin


Don’t trust that SPAC deck

The continuing saga of Lordstown Motor’s struggles as a public company took a new turn today as the electric truck manufacturer made yet more news. Bad news. Shares of Lordstown are down sharply today after the company reported in an SEC filing that it does not have enough capital to build and launch its electric truck. Here’s the official verbiage (formatting, bolding: TechCrunch): Since inception, the Company has been developing its flagship vehicle, the Endurance, an electric full-size pickup...
Tags: Fundings & Exits, Startups, TC, Tech, SEC, Lol, Company, Don, The Company, SPAC, Lordstown, GAAP, Lordstown Motors, Lordstown Motor, Capital Structure


Lordstown stock plummets after electric-truck company warns about financial position

Lordstown Motors Corp. shares dropped 20% after the electric-vehicle company warned investors about its ability to continue functioning...
Tags: Lordstown, Lordstown Motors Corp


Daily Crunch: Before the pandemic, Expensify made remote work cool and profitable

To get a roundup of TechCrunch’s biggest and most important stories delivered to your inbox every day at 3 p.m. PDT, subscribe here. Welcome to Daily Crunch for May 25, 2021. Whether you are a developer, a startup fanatic or merely someone with wanderlust, we have something for everyone today. Well, except for disappointed investors in Lordstown Motors. They are stuck holding the bag today after the American electric vehicle company announced a pretty awful set of earnings. But for the rest of u...
Tags: Amazon, TC, Microsoft, Africa, Newsletter, Tech, Silicon Valley, Airbnb, Salesforce, North America, Brian Chesky, Kubernetes, Expensify, Jordan Crook, Frederic, Lordstown


Extra Crunch roundup: Lordstown Motors’ woes, how co-CEOs work, Brian Chesky interview

Lordstown Motors released its Q1 earnings yesterday, and the electric vehicle manufacturer is facing a few challenges. Expenses were higher than expected, it plans to slash production by about 50%, and the company reported zero revenue and a net loss of $125 million. Oh, it also needs more capital. “But there’s more to the Lordstown mess than merely a single bad quarter,” writes Alex Wilhelm. “Lordstown’s earnings mess and the resulting dissonance with its own predictions are notable on their ow...
Tags: Amazon, Startups, TC, South Korea, China, San Francisco, Tech, E-commerce, Getty Images, Netflix, Venture Capital, SEC, Silicon Valley, Airbnb, EC, Ted Sarandos