Steve Burns

The SEC settled civil allegations that Burns had misled investors about the nature and quality of Endurance pre-orders. He agreed to an injunction, a 175,000-dollar penalty and a two-year ban on serving as an officer or director of a listed company.

Attribution

Accused

Karma Automotive sued Lordstown Motors, Steve Burns and others, alleging that the prospect of a partnership had been used to recruit employees and obtain confidential information.

State of the evidence

Settlement

Attribution

Accused

Following his departure, Burns gradually sold his Lordstown shares and held none by June 2023; cumulative sales were reported at approximately 66 million dollars.

State of the evidence

Documented

Attribution

Directly implicated

Lordstown Motors filed for Chapter 11 protection following production and financing difficulties and a dispute with Foxconn.

State of the evidence

Documented

LAS Capital, an entity controlled by Burns, won the bidding process for certain Lordstown assets and completed the purchase for 10.2 million dollars.

State of the evidence

Documented

Burns claimed that Lordstown had more than 100,000 non-binding pre-orders, primarily from commercial fleets. The special committee and subsequently the SEC concluded that this presentation gave an unrealistic picture of demand.

State of the evidence

Allegations

Attribution

Direct responsibility

Hindenburg Research accused Lordstown and Burns of inflating demand and concealing production obstacles. The special committee rejected several claims as false or misleading but confirmed inaccuracies concerning pre-orders.

State of the evidence

Allegations

Attribution

Direct responsibility

Steve Burns immediately resigned as CEO and director, alongside CFO Julio Rodriguez, following publication of the findings concerning pre-orders and a financing crisis.

State of the evidence

Documented

Attribution

Directly implicated