Why Lordstown Motors Stock Is Tumbling Tuesday
Portfolio Pulse from Adam Eckert
Lordstown Motors Corp (NYSE:RIDE) filed for Chapter 11 bankruptcy protection and initiated a strategic restructuring process to maximize asset value. The company is also commencing a sale process for its Endurance vehicle and filed litigation against Hon Hai Technology Group and Foxconn, alleging fraud, bad faith, and contractual breaches.
June 27, 2023 | 12:45 pm
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Lordstown Motors filed for Chapter 11 bankruptcy protection, which is negatively impacting its stock price. The company is also in a legal dispute with Foxconn.
The news of Lordstown Motors filing for Chapter 11 bankruptcy protection and initiating a strategic restructuring process is a significant negative event for the company. Additionally, the legal dispute with Foxconn adds uncertainty and potential financial risks. These factors are likely to cause a short-term negative impact on the stock price.
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