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Lordstown Motors Slumps Most Ever on CEO Exit, Misstatements

  • Internal board probe finds company misstated vehicle preorders
  • Shares of startup down more than 70% from September peak
Lordstown Motors Endurance All-Electric Pickup Truck Reveal Event
Photographer: Matthew Hatcher/Bloomberg
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Lordstown Motors Corp. shares took their biggest one-day drop ever after its two top executives stepped down and the electric truckmaker’s board found evidence of inaccurate statements, dimming the shine of the onetime SPAC star.

Chief Executive Officer Steve Burns and Chief Financial Officer Julio Rodriguez have resigned from the company, effective immediately, the company said in a statement Monday. Burns declined to comment about his exit in a text message.