Why Lordstown Motors Stock Crashed in March
Shares of electric pickup start-up Lordstown Motors (NASDAQ: RIDE) fell 39.1% in March, according to data provided by S&P Global Market Intelligence, following a miserable February with an even worse performance. A well-regarded short seller is raising questions about the company, and investors aren't waiting around to hear the answers.
Hindenburg Research, which in 2020 rocked electric vehicle investors with a devastating report on Nikola (NASDAQ: NKLA), has turned its attention toward Lordstown. Hindenburg in a mid-March report accused Lordstown of greatly exaggerating the number of preorders for its Endurance electric pickup and padding its fleet orders with companies that don't have the financial capacity to actually one day buy the trucks.
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Source Fool.com
