SEC charges Lordstown Motors with exaggerating demand for its EV pickup

• The company's ascent raised hopes for an economic renewal in the northeast Ohio area surrounding the factory, but Lordstown ultimately filed for bankruptcy protection in 2023.

Driving the news: Lordstown "exaggerated the demand for the Endurance" and "misrepresented the company's timeline for delivering" the vehicle, the SEC alleged in a settled order.

• The SEC said Lordstown violated certain federal securities laws, including certain antifraud provisions.

The other side: Lordstown did not admit or deny the SEC's findings but agreed to a cease-and-desist order and the disgorgement of $25.5 million.

• The SEC said it would deem the fine "satisfied" by Lordstown's payment of certain class-action claims.

A Lordstown spokesperson did not immediately respond to a request for comment.