ousted

Enterprise

Former Lordstown Motors CEO Resolves SEC Dispute Over Misleading Shareholders

Lordstown Motors Endurance All Electric Pickup Truck Reveal Event

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. The SEC charged Lordstown Motors in February 2024 with misleading investors about the sales prospects of its Endurance electric pickup truck. Lordstown Motors was founded in April 2019 as an offshoot of Burns’ other company, Workhorse Group. During and after the merger, Lordstown received $780 million from investors, according to the SEC. Lordstown Motors attracted the attention and investment of GM and even acquired the 6.2 million-square-foot assembly plant in Lordstown, Ohio from the automaker.

Zara Khan
March 22, 2024
1 Comment

Media & Entertainment, Startups

“Firing Fears Dispelled: Byju’s Founder Denies Ouster Claimed by Shareholders”

In a 758-word letter, content of which was reviewed by TechCrunch, Raveendran claimed that the shareholders violated several “essential” local rules. Raveendran claimed in the letter that the extraordinary general meeting lacked the minimum quorum and failed to win majority support for proposed resolutions. Raveendran claimed the EGM was convened without adhering to the procedures set out by law and only 35 of Byju’s 170 total shareholders attended, representing around 45% ownership in the company. The rights issue resets the startup’s valuation, once at $22 billion, to about $25 million. “Our rights issue has seen an overwhelming response.