Lordstown Motors is under federal investigation by the Securities and Exchange Commission (SEC) for falsifying pre-order counts and its merger with DiamondPeak Holdings, company representatives said.
Earlier this month, the SEC issued a post-effective amendment No. 2 to an S-1 registration statement, requesting more information and documentation that could prove Lordstown’s claimed pre-order counts.
“We have received two subpoenas from the SEC for the production of documents and information, including relating to the Merger between DiamondPeak and Legacy Lordstown and pre-orders of vehicles, and we have been informed by the U.S. Attorney’s Office for the Southern District of New York that it is investigating these matters,” Lordstown Motors said.
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