In re Lordstown Motors Corp. Securities Litigation

Settled

Labaton Keller Sucharow is lead counsel in a securities class action against Lordstown Motors Corp. (Lordstown or the Company) and others, In re Lordstown Motors Corp. Securities Litigation, No. 4:21-cv-00616 (N.D. Ohio) (Ohio Securities Litigation).  Lordstown was a privately held electric vehicle automaker that was acquired in a de-SPAC merger.  The Company and its former CEO and Founder Steve Burns is accused of misrepresenting the progress of development on their flagship electric pickup truck the Lordstown Endurance, its associated launch date, and the number of pre-orders received for the Endurance.

On June 27, 2023, Lordstown filed for Chapter 11 protection and the Ohio Securities Litigation was stayed.  

In March 2024, Labaton Keller Sucharow achieved preliminary approval of a partial settlement valued at $3 million and to up to $10 million with Lordstown, certain other Debtors, and defendant David Hamamoto as part of the bankruptcy proceeding.  The partial settlement will provide investors with a significant financial recovery from the Debtor-defendants and additional non-monetary benefits that will assist in the continued prosecution of the Ohio Securities Litigation against Mr. Burns and others.  Information about the settlement, class members’ rights, and deadlines is available at www.Strategicclaims.net/lordstown.  Important documents are linked to the left.

Submit Claim Form

If you purchased or otherwise acquired the publicly traded securities of Lordstown during the Ohio Settlement Class Period (August 3, 2020 through July 2, 2021, inclusive) and/or held Lordstown’s publicly traded Class A Common Stock on September 21, 2020, you may be entitled to a payment from the partial settlement.  To be eligible for a payment, you must submit an Ohio Claim Form to the Ohio Settlement Claims Administrator by July 20, 2024.  Please visit www.Strategicclaims.net/lordstown to access the Ohio Claim Form or file a claim online.

Settlement Final Approval Hearing

The Settlement Final Approval Hearing was held before the Honorable Mary F. Walrath, remotely via Zoom, on June 11, 2024, at 10:30 a.m. (Eastern Time), Courtroom 4, 824 N. Market Street, 5th Floor, Wilmington, DE 19801.  

If you have questions about the settlement, please contact Labaton Keller Sucharow at settlementquestions@labaton.com or 888.219.6877, or contact the Ohio Settlement Claims Administrator at 866.274.4004.

Additional information about the Settlement can be found at www.Strategicclaims.net/lordstown.

The case is In re Lordstown Motors Corp. Securities Litigation, No. 21-cv-0616 (N.D. Ohio).