The Securities and Exchange Commission has asked Lordstown Motors for more information about allegations that the EV startup misled investors about its progress to date. Lordstown Motors, which is backed by General Motors, said Wednesday that it is cooperating with the inquiry and that its board of directors has created a special committee to review the claims.
The allegations came last Friday from short-selling firm Hindenburg Research, which disclosed along with the report that it had taken a short position in Lordstown Motors.
Hindenburg claimed in the report that some of the EV startup’s biggest preorders were made by companies that do not appear to have the money required to purchase big batches of Lordstown Motors’ electric…