Shares of electric vehicle start-up Lordstown Motors closed down 13.8% Thursday after the company confirmed the U.S. Securities and Exchange Commission has requested information regarding claims by a short seller that it misled investors.
Hindenburg Research accused Lordstown in a report last week of using “fake” orders to raise capital for its first product, an all-electric pickup truck called the Endurance. The short seller claimed the pickup was years away from production, however Lordstown maintains it’s on track to start producing the vehicle in September.
Morgan Stanley in an investor note Thursday afternoon also cut its price target for Lordstown from $18 a share to $12. Analyst…