Electric-Truck Maker Settles With SEC Over SPAC Deal That Misled Investors

Lordstown Motors has been accused by the SEC of exaggerating its commercial fleet orders. The company allegedly claimed to have more orders than it actually had. This news comes as the electric vehicle startup is already under scrutiny following the resignation of its CEO and CFO earlier this year. The investigation by the SEC raises further concerns about the company’s financial stability and its ability to deliver on its promises. Lordstown Motors is currently facing multiple challenges as it strives to bring its electric pickup truck to market.