Lordstown Motors plunges on bankruptcy filing
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 27 June 2023
⏱️ 7 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Tuesday, June 27th, and I'm your host Julie Morgan. |
| 0:12.0 | Lordstown Motors files for Chapter 11 bankruptcy. |
| 0:15.0 | Jackson Financial releases information about a data breach |
| 0:19.0 | and the EU's antitrust regulator is looking into the Amazon IRobot deal. |
| 0:25.4 | Here's what's making headlines today. Lordstown Motors has filed for Chapter 11 bankruptcy. |
| 0:31.3 | Pre-market ride is down more than 58%. |
| 0:35.0 | Lordstown has also sued FoxCon for allegedly going back on its commitments. |
| 0:40.1 | The automaker stressed that it is debt free and continues to operate with significant cash on hand. |
| 0:46.2 | As part of the Chapter 11 restructuring, Lordstown has begun a sale process of its endurance truck and related assets. |
| 0:53.4 | The company expects the restructuring will speed up the timeline for hearing its litigation |
| 0:58.4 | against FoxCon. |
| 0:59.9 | Lordstown said in a statement that the litigation details Fox |
| 1:03.7 | Con's fraud and willful failure to live up to its commercial and financial |
| 1:08.6 | commitments to the company. It goes on to say that Fox Con's actions led to the material damage to the company as well as its future prospects. |
| 1:17.0 | The lawsuit pertains to a partnership with Fox Con under which Lortstown agreed to divest its Ohio manufacturing facility to Fox Con and |
| 1:26.8 | form a joint vehicle development platform. |
| 1:30.6 | Jackson Financial said at least 700,000 of its customers were exposed in a data breach. |
| 1:36.0 | This information comes from an SEC filing dated Monday. |
| 1:40.0 | The company's National Life Insurance Company determined that information at one of its third-party vendors, |
| 1:45.6 | pension benefit information, was impacted by Progress Software's Move It data breach. |
| 1:51.3 | The filing says the information obtained is personally |
... |
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