Get the latest tech news
The SEC wants $45 million from bankrupt Lordstown Motors
Bankrupt EV startup Lordstown Motors could be on the hook for $45 million for violating federal securities laws. The Securities and Exchange Commission
The Securities and Exchange Commission filed a claim for that amount in Lordstown Motors’ Chapter 11 bankruptcy proceedings last week, though the startup says it is still engaged in settlement talks with the agency. Lordstown performed its own internal probe and ultimately decided that certain executives did make misleading claims, which prompted CEO and founder Steve Burns (as well as CFO Julio Rodriguez) to resign. Spruce Power (formerly XL Fleet), a maker of hybrid powertrains, paid an $11 million penalty as a result of promoting sales projections during the merger process of over $1 billion that the SEC found to be misleading.
Or read this on TechCrunch
