SEOUL -- Lordstown Motors Corp. said Wednesday it received a request for information from the U.S. Securities and Exchange Commission regarding a report by short-seller Hindenburg Research, and the company is cooperating with the inquiry.
The Ohio-based electric pickup-truck startup said on an earnings conference call that its board of directors has formed a special committee to review the matter.
Shares of Lordstown Motors tumbled 14 percent to close at $13.01 on Thursday in New York.
On March 12, Hindenburg Research revealed that it had taken a short position in the electric truckmaker, accusing the company of misleading the public with "fake" orders and claiming that its upcoming truck is three to four years away from production.
The company, which in 2019 acquired a shuttered General Motors plant in Ohio, reiterated on Wednesday that it remained on track to begin building its Endurance electric pickup truck in September as planned.
