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<blockquote data-quote="Weather Man" data-source="post: 16929046" data-attributes="member: 137766"><p><h3><a href="https://seekingalpha.com/news/3983034-lordstown-motors-chapter-11-bankruptcy-sues-foxconn?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain" target="_blank">Lordstown Motors stock plunges 52% after bankruptcy filing, Foxconn lawsuit</a></h3><p><a href="https://seekingalpha.com/symbol/RIDE?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain" target="_blank">RIDE -7.21%</a>Jun. 27, 2023 5:24 AM ET<a href="https://seekingalpha.com/news/3983034-lordstown-motors-chapter-11-bankruptcy-sues-foxconn?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain#scroll_comments" target="_blank">6 Comments</a></p><p>Lordstown Motors (NASDAQ:<a href="https://seekingalpha.com/symbol/RIDE" target="_blank">RIDE</a>) has <a href="https://seekingalpha.com/pr/19380032-lordstown-motors-announces-strategic-restructuring-process" target="_blank">filed for Chapter 11 bankruptcy</a>, sending its stock ~52% lower before the bell on Tuesday, and sued Taiwanese electronics contract manufacturer Foxconn (<a href="https://seekingalpha.com/symbol/FXCOF" target="_blank">OTCPK:FXCOF</a>) for allegedly reneging on its commitments to the electric vehicle maker.</p><p>The automaker stressed that it is debt-free and continues to operate with significant cash on hand.</p><p>As part of the Chapter 11 restructuring, Lordstown (<a href="https://seekingalpha.com/symbol/RIDE" target="_blank">RIDE</a>) has begun a sale process for its Endurance truck and related assets. It expects the restructuring will speed up the timeline for hearing its litigation against Foxconn (<a href="https://seekingalpha.com/symbol/FXCOF" target="_blank">OTCPK:FXCOF</a>).</p><p>"The litigation details Foxconn's (<a href="https://seekingalpha.com/symbol/FXCOF" target="_blank">OTCPK:FXCOF</a>) fraud and willful failure to live up to its commercial and financial commitments to the company," Lordstown (<a href="https://seekingalpha.com/symbol/RIDE" target="_blank">RIDE</a>) said in a statement. "Foxconn's actions led to material damage to the company as well as its future prospects."</p><p>The lawsuit pertains to a partnership with Foxconn (<a href="https://seekingalpha.com/symbol/FXCOF" target="_blank">OTCPK:FXCOF</a>), under which Lordstown (<a href="https://seekingalpha.com/symbol/RIDE" target="_blank">RIDE</a>) agreed to divest its Ohio manufacturing facility to the Taiwanese firm and form a joint vehicle development platform.</p><p>Lordstown (<a href="https://seekingalpha.com/symbol/RIDE" target="_blank">RIDE</a>) had <a href="https://seekingalpha.com/news/3939926-lordstown-motors-skids-8-after-halting-production-due-to-quality-issues" target="_blank">paused production</a> of Endurance earlier this year. It later resumed production at a lower rate.</p><p>Shares of the EV maker have declined 84% YTD. Last month, Lordstown (<a href="https://seekingalpha.com/symbol/RIDE" target="_blank">RIDE</a>) plunged to an all time low after it <a href="https://seekingalpha.com/news/3962645-lordstown-motors-plunges-to-all-time-low-after-issuing-going-concern-warning" target="_blank">issued a going concern warning.</a></p></blockquote><p></p>
[QUOTE="Weather Man, post: 16929046, member: 137766"] [HEADING=2][URL='https://seekingalpha.com/news/3983034-lordstown-motors-chapter-11-bankruptcy-sues-foxconn?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain']Lordstown Motors stock plunges 52% after bankruptcy filing, Foxconn lawsuit[/URL][/HEADING] [URL='https://seekingalpha.com/symbol/RIDE?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain']RIDE -7.21%[/URL]Jun. 27, 2023 5:24 AM ET[URL='https://seekingalpha.com/news/3983034-lordstown-motors-chapter-11-bankruptcy-sues-foxconn?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain#scroll_comments']6 Comments[/URL] Lordstown Motors (NASDAQ:[URL='https://seekingalpha.com/symbol/RIDE']RIDE[/URL]) has [URL='https://seekingalpha.com/pr/19380032-lordstown-motors-announces-strategic-restructuring-process']filed for Chapter 11 bankruptcy[/URL], sending its stock ~52% lower before the bell on Tuesday, and sued Taiwanese electronics contract manufacturer Foxconn ([URL='https://seekingalpha.com/symbol/FXCOF']OTCPK:FXCOF[/URL]) for allegedly reneging on its commitments to the electric vehicle maker. The automaker stressed that it is debt-free and continues to operate with significant cash on hand. As part of the Chapter 11 restructuring, Lordstown ([URL='https://seekingalpha.com/symbol/RIDE']RIDE[/URL]) has begun a sale process for its Endurance truck and related assets. It expects the restructuring will speed up the timeline for hearing its litigation against Foxconn ([URL='https://seekingalpha.com/symbol/FXCOF']OTCPK:FXCOF[/URL]). "The litigation details Foxconn's ([URL='https://seekingalpha.com/symbol/FXCOF']OTCPK:FXCOF[/URL]) fraud and willful failure to live up to its commercial and financial commitments to the company," Lordstown ([URL='https://seekingalpha.com/symbol/RIDE']RIDE[/URL]) said in a statement. "Foxconn's actions led to material damage to the company as well as its future prospects." The lawsuit pertains to a partnership with Foxconn ([URL='https://seekingalpha.com/symbol/FXCOF']OTCPK:FXCOF[/URL]), under which Lordstown ([URL='https://seekingalpha.com/symbol/RIDE']RIDE[/URL]) agreed to divest its Ohio manufacturing facility to the Taiwanese firm and form a joint vehicle development platform. Lordstown ([URL='https://seekingalpha.com/symbol/RIDE']RIDE[/URL]) had [URL='https://seekingalpha.com/news/3939926-lordstown-motors-skids-8-after-halting-production-due-to-quality-issues']paused production[/URL] of Endurance earlier this year. It later resumed production at a lower rate. Shares of the EV maker have declined 84% YTD. Last month, Lordstown ([URL='https://seekingalpha.com/symbol/RIDE']RIDE[/URL]) plunged to an all time low after it [URL='https://seekingalpha.com/news/3962645-lordstown-motors-plunges-to-all-time-low-after-issuing-going-concern-warning']issued a going concern warning.[/URL] [/QUOTE]
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