[ad_1]
Find out what clicks on FoxBusiness.com.
Lordstown Motors Corp. confirmed that the Justice Department is investigating its activities, investigating issues related to its reverse merger deal last year and pre-orders for its upcoming van, the Endurance.
Actions in this article
In a regulatory filing Thursday, the company said it had been notified by the Manhattan U.S. Attorney’s Office of its investigation, which follows one initiated by the U.S. Securities and Exchange Commission.
The Wall Street Journal first reported on the Justice Department’s investigation earlier this month.
Signage outside Lordstown Motors Corp. head office. in Lordstown, Ohio, United States, on Saturday, May 15, 2021 (Bloomberg via Getty Images)
A spokesperson for the Department of Justice declined to comment.
Lordstown Motors did not immediately comment. A spokesperson said earlier this month that the company is committed to cooperating with all inquiries and inquiries and looks forward to focusing on production with its new management team.
THE DEPARTMENT OF JUSTICE PROBE LORDSTOWN MOTORS
The Ohio-based startup said it received two subpoenas from the SEC requesting documents and information related to its October merger deal with DiamondPeak Holdings Corp., a special-purpose acquisition company.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The SEC is also seeking information relating to the company’s pre-order book for its all-electric pickup truck. These pre-orders had been promoted by executives and the rookie manufacturer as a sign of future demand for Endurance, which has yet to go into production.
[ad_2]
Source link