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UPDATE 1-Lordstown Motors faces SEC questions over shortseller report

· 03/17/2021 17:19
UPDATE 1-Lordstown Motors faces SEC questions over shortseller report

- Lordstown Motors Corp RIDE.O on Wednesday said it received a request for information from the U.S. Securities and Exchange Commission regarding a report by shortseller Hindenburg Research, and the company is cooperating with the SEC inquiry.

The Ohio-based electric pickup-truck startup said on an earnings conference call that its board of directors has formed a special committee to review the matter.

Shares of Lordstown Motors were down 5% in extended trade.

On March 12, Hindenburg Research revealed that it had taken a short position in the electric truckmaker, accusing the company of misleading the public with "fake" orders and claiming that its upcoming truck is three to four years away from production. nL4N2LA3DD

The company, which in 2019 acquired a shuttered General Motors Co's GM.N plant in Ohio, reiterated on Wednesday that it remained on track to begin building its Endurance electric pickup truck in September as planned.


(Reporting by Hyunjoo Jin; Editing by Leslie Adler and Cynthia Osterman)

((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net))