“Lordstown Motors Corp said federal prosecutors in Manhattan are investigating the electric-truck maker’s vehicle pre-orders and its merger with blank-check company DiamondPeak Holdings. In March, shares of the company slumped after investment research firm Hindenburg Research said Lordstown had misled consumers and investors about pre-orders worth $1.4 billion for its Endurance truck. An internal investigation into Hindenburg’s claims in June acknowledged that Lordstown had overstated the quality of pre-orders for its electric trucks. The company’s chief executive and finance head also resigned, shortly after Lordstown said in June that it may not have enough money to stay in business over the next year. The company also said it had no binding orders, backtracking from earlier comments made by the startup’s president” Reuters reports.
“GREAT NEWS FOR OHIO! Just spoke to Mary Barra, CEO of General Motors, who informed me that, subject to a UAW agreement etc., GM will be selling their beautiful Lordstown Plant to Workhorse, where they plan to build Electric Trucks. GM will also be spending $700,000,000 in Ohio… in 3 separate locations, creating another 450 jobs. I have been working nicely with GM to get this done. Thank you to Mary B, your GREAT Governor, and Senator Rob Portman. With all the car companies coming back, and much more, THE USA IS BOOMING!” the “Dealmaker” tweeted on May 8th, 2019.