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Lordstown Motors’ ousted CEO settles with SEC for misleading investors
Steve Burns, the founder of Lordstown Motors who was ousted as its CEO and Chairman, settled with the SEC for misleading investors.
Steve Burns, the ousted founder, chairman and CEO of bankrupt EV startup Lordstown Motors, has settled with the U.S. Securities and Exchange Commission over misleading investors about demand for the company’s flagship all-electric Endurance pickup truck. The SEC charged Lordstown Motors in February 2024 with misleading investors about the sales prospects of its Endurance electric pickup truck. In March, Lordstown Motors emerged from bankruptc y with a new name and a nearly singular focus: continuing its lawsuit against iPhone-maker Foxconn for allegedly “destroying the business of an American startup.” The company is now known as Nu Ride Inc.
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