©Reuters. FILE PHOTO: A Lordstown Motors Endurance electric pickup truck is displayed at Foxconn’s electric vehicle manufacturing plant in Lordstown, Ohio, U.S., November 30, 2022. REUTERS/Quinn Glabicki/File Photo
By Jody Godoy
(Reuters) – Former Lordstown Motors Corp Chief Executive Stephen Burns agreed with the U.S. Securities and Exchange Commission on Friday over his statements on the application for the electric vehicle maker’s flagship truck, the Endurance.
The SEC alleged in the lawsuit filed in federal court in Washington, D.C., that Burns misrepresented pre-orders Lordstown had received for its full-size electric pickup truck around the time it went public in the fall of 2020.
Burns agreed to pay a $175,000 fine and be disqualified from serving as an officer or director of a public company for two years.
Burns founded Lordstown in 2019, and the following year the company went public through a merger with a blank check company.
Lordstown filed for bankruptcy in 2023. The vehicle maker settled with the SEC in February over claims it misled investors about the Endurance.