Lordstown Down 10% On Report Justice Department Is Probing It  

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Lordstown Down 10% On Report Justice Department Is Probing It  

By Dhirendra Tripathi

Investing.com – Lordstown Motors stock (NASDAQ: RIDE ) fell 10% during Friday’s session after The Wall Street Journal reported the Department of Justice is probing the electric vehicle maker.

The U.S. attorney’s office in Manhattan is handling the inquiry, still in its early stages, according to WSJ.

The report quoted a company spokesman as saying it is committed to cooperating with any investigations and inquiries and looks forward to focusing on production with its new leadership team.

The investigation is the latest challenge for the Ohio-based vehicle maker, which has been racked with months of bad news as it approaches a September target to start limited production of a full-size electric pickup truck called the Endurance.

The beleaguered company recently appointed a new CEO and a CFO. It has warned investors several times it is running out of cash and may go out of business next year.

R.F. Lafferty analyst Jaime Perez has a target of $3 for the stock.

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