Electric Car Maker Sued Over Alleged Production, Demand Misstatements

Mealey's (April 5, 2021, 3:59 PM EDT) -- YOUNGSTOWN, Ohio — An electric car company and certain of its executive officers violated federal securities laws by misrepresenting to investors that its flagship vehicle was “on track” for production and that the company had received substantial preorders for the vehicle because the defendants failed to disclose that the company was experiencing substantial demand and production capability issues, a shareholder argues in a securities class action filed March 18 in Ohio federal court....

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