- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-03-04T17:01:00
Bankrupt electric vehicle maker Lordstown Motors Corp. agreed to pay disgorgement of $25.5 million to settle charges from the Securities and Exchange Commission (SEC) over alleged materially false and misleading statements regarding its flagship truck.
Lordstown agreed to cease and desist from further violations in reaching settlement, the SEC announced in a press release Thursday. The disgorgement total will be deemed satisfied through payments by Lordstown and other defendants to resolve pending class actions against them, the agency added.
The settlement is pending bankruptcy court approval.
In a related administrative proceeding, Lordstown’s former auditor, Clark Schaefer Hackett and Co. (CSH), agreed to settle charges of alleged violations of auditor independence required by the SEC and Public Company Accounting Oversight Board. CSH agreed to pay more than $80,000 in civil penalties, disgorgement, and interest; be censured; cease and desist; and improve its policies and procedures.
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