Report: Lordstown Motors execs sold stock ahead of February financial results
LORDSTOWN — MarketWatch is reporting several top Lordstown Motors Corp. executives sold $8 million in stock in the electric truck startup ahead of reporting financial results.
Citing regulatory filings disclosing the transactions, MarketWatch reported five executives, including the company's President Rich Schmidt and its former chief financial officer Julio Rodriguez sold the stock over three days in early February.
Last week, the vehicle-maker's CEO and founder Steve Burns and its Rodriguez have both been ousted amid a lingering storm of fraud reports, doubts about the company's commercialization, missed regulatory and property tax deadlines, numerous investor lawsuits and a federal securities investigation.
An internal committee tasked with investigating a damning short-seller's report that alleged the company's book of 100,000 preorders for its all-electric Endurance pickup truck was "a mirage" and cast doubt on the company's ability to meet its September 2021 production deadline found the report was "in significant respects, false and misleading," but that it did identify accuracy "issues" with statements made about the company's pre-orders.
At 2 p.m., the Lordstown Motors stock (NASDAQ: RIDE) was down .44 points to $10.21.
This story was originally published June 21, 2021 at 2:26 PM with the headline "Report: Lordstown Motors execs sold stock ahead of February financial results."