Why Lordstown Motors' Stock Is Sinking Today
Shares of Lordstown Motors (NASDAQ: RIDE) were down sharply on Monday morning, after the company said that its CEO and chief financial officer had resigned following an investigation by the board of directors.
As of 10:15 a.m. EDT today, Lordstown's shares were down about 20% from Friday's closing price.
Lordstown said on Monday morning that CEO Steve Burns and CFO Julio Rodriguez have resigned from the company effective immediately. The trigger? A committee of independent board directors found that one of the key allegations made by short-seller Hindenburg Research -- that Lordstown had exaggerated the number of pre-orders for its Endurance electric pickup truck -- had merit.
Source Fool.com
