Steve Burns, the ousted founder, chairman and CEO of bankrupt EV startup Lordstown Motors, has settled with the U.S. Securities and Exchange Commission over misleading investors about demand for the company’s flagship all-electric Endurance pickup truck. Burns was ordered to pay a civil fine of $175,000 and cannot serve as an officer or director of … Read more
Lordstown Motors has emerged from bankruptcy with a new name and a nearly-singular focus: continuing its lawsuit against iPhone-maker Foxconn for allegedly “destroying the business of an American startup.” The company announced in a late Thursday regulatory filing that it has put into effect a Chapter 11 restructuring plan that was recently approved by the … Read more
The ousted founder of bankrupt EV startup Lordstown Motors has launched a new company called LandX Motors, that prominently displays the same electric pickup truck he once promised would beat Tesla, Ford and General Motors to market. Steve Burns, a self-described “serial entrepreneur,” bought most of the remaining assets of his former startup late last … Read more