According to The Wall Street Journal, the Justice Department is currently investigating Lordstown Motors. Although it is not clear what the DOJ is investigating, the US Attorneys Office leading the investigation often deals with fraud allegations. Lordstown is currently the subject of an SEC investigation into claims that the company made regarding pre-orders for the Endurance electric pickup truck. Both instances are being investigated by the startup.A spokesperson for Lordstown Motors stated that the company is open to any inquiries or regulatory investigations. We are looking forward to closing this chapter so our new leadership team and dedicated team can concentrate solely on the Lordstown Endurance, an all-electric pickup truck.Lordstown was among several EV startup that went public last year via what is known as a special acquisitions corporation or SPAC. Although the maneuver raised $675 million for the company, it has been in trouble ever since. The company's problems began in March, when Hindenburg Research published an accusation against the company for misleading investors about the demand of its Endurance truck. The company later stated in a SEC filing that it did not have sufficient money to begin manufacturing its first EV. Today's announcement makes it the second prominent electric vehicle startup to be under scrutiny by both the DOJ, and the SEC.
