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The top two executives at Lordstown Motors Corp. (NASDAQ: RIDE) are out following an internal investigation that found some truth to short seller Hindenburg Research’s allegations of phony preorders for the company’s planned commercial electric pickup trucks. The departures of founder CEO Steve Burn and Chief Financial Officer Julio Rodriguez followed last week’s “going concern” filing with the Securities and Exchange Commission that the startup may not survive the year without additional money to produce the trucks.
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