Lordstown Motors Corp. said its chief executive and top financial leader have resigned.
Lordstown Motors, which plans to build electric trucks at a plant in Ohio, on Monday said Steve Burns, its CEO, and Julio Rodriguez, its finance chief, have moved on from the company. Mr. Burns also stepped down from the company’s board, according to Lordstown Motors. Mr. Burns declined to comment. Efforts to reach Mr. Rodriguez, including asking for comment through a company spokesman, weren’t immediately successful.
The company also said Monday that a special board committee found that some disclosures it made about preorders for the truck it hopes to manufacture were inaccurate, but largely rejected a report about Lordstown Motors from short seller Hindenburg Research., which in a March report said that Lordstown Motors had misled investors about the strength of its preorder reservations and progress toward starting production of an electric truck.
Hoping this isn’t a repeat of Phar-Mor.
You knew something was wrong if you had read my newsletter this weekend. Pre-orders we’re the subject of the SEC subpoenas. Sounds like a revenue recognition problem. BTW the company did not respond to my request for comment Friday.
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