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Violation Tracker Individual Record

Company: Lordstown Motors Corp.
Current Parent Company: Lordstown Motors
Penalty: $25,500,000
Year: 2024
Date: February 29, 2024
Offense Group: financial offenses
Primary Offense: investor protection violation
Violation Description: The Securities and Exchange Commission charged Lordstown Motors Corp. with misleading investors about the sales prospects of Lordstown’s flagship electric pickup truck, the Endurance. Lordstown, which filed for bankruptcy in 2023, went public by merging with a special purpose acquisition company (SPAC) in 2020. Without admitting or denying the SEC's findings and subject to bankruptcy court approval, Lordstown agreed to a cease-and-desist order and disgorgement of $25.5 million, which will be deemed satisfied by payments of up to $25.5 million by Lordstown and other defendants to resolve certain pending class actions against them.
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: Ohio
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: motor vehicles
Specific Industry of Current Parent: electric trucks
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.