- Hindenburg Research, a short seller—an investor that profits from a stock's drop in value—released a report today stating that Lordstown Motors has misled investors about the progress of its truck, the Endurance, and the amount of interest in it.
- Hindenburg says many orders for the Endurance are "fictitious" and that the electric startup paid outside groups to generate pre-orders.
- Hindenburg released a report in fall 2020 on electric startup Nikola, leading to the chairman resigning and the launching of federal probes into the company.
UPDATE 3/22/2021: Last week, Lordstown Motors CEO Steve Burns said in an earnings call that the EV startup was subject to a Securities and Exchange Commission (SEC) investigation and will be cooperating with the inquiry.
Hindenburg Research, a short seller that previously targeted Nikola in the fall of last year, has released a report on Lordstown Motors today saying that the startup has misled investors about the capabilities of its pickup, the Endurance, and about pre-orders for the truck, which have been widely publicized. Lordstown Motors bought the Lordstown, Ohio, plant from General Motors in 2019 and unveiled the Endurance last summer.
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