Why Lordstown Motors Stock Is Rolling Downhill Again
Shares of electric truck start-up Lordstown Motors (NASDAQ: RIDE) were trading lower on Thursday, after the company disclosed that it is under investigation by the Securities and Exchange Commission (SEC) after short-seller Hindenburg Research alleged the company misled investors about the demand for its upcoming electric pickup truck.
As of 11 a.m. EDT, Lordstown's shares were down about 9.2% from Wednesday's closing price, and down about 22.6% since the release of Hindenburg's report on March 12.
Lordstown reported its fourth-quarter earnings after the market closed on Wednesday, and while the company's loss was wider than expected, that's the least of its problems right now.
Source Fool.com
