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Nu Ride Inc. controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

Back to profile3 entries

  1. 2021

    Alleged exaggeration of orders and production readiness

    Hindenburg Research alleged that Lordstown Motors had misled investors by presenting non-binding indications of interest as meaningful orders and by overstating its ability to produce vehicles on schedule. The company disputed the allegations. An independent investigation commissioned by the board later concluded that the pre-order figures had been overstated in number and seriousness.

    Source

  2. 2021

    Prototype vehicle fire

    A Lordstown prototype caught fire during testing. The company attributed the incident to human error and said it had addressed the issue, but the event added to questions about vehicle validation and manufacturing readiness.

    Source

  3. 2011

    SEC opens investigation into Lordstown Motors

    Investigation

    The U.S. Securities and Exchange Commission opened an investigation into Lordstown Motors, as disclosed by the company’s CEO. The article says the company was complying with the inquiry and its board formed a special committee to review the matter.

    Company response

    • Investigation — Lordstown Motors

      Burns said Wednesday the company is complying with the SEC inquiry, and its board of directors has formed a special committee to review the matter.

    • Ongoing disclosure — Lordstown Motors

      Burns said Wednesday the company is complying with the SEC inquiry, and its board of directors has formed a special committee to review the matter.

    Source excerpt

    • Burns said Wednesday the company is complying with the SEC inquiry, and its board of directors has formed a special committee to review the matter.
    • during which its founder and CEO Steve Burns revealed the U.S. Securities and Exchange Commission has opened an investigation into Lordstown Motors.
    • It claims the company made false and misleading statements and did not disclose that the preorders were non-binding, that many of the "would-be" customers did not have the means to make the purchases or have credible demand for the truck
    Source