Shares of Lordstown Motors plunged on Wednesday after short-seller Hindenburg Research published pictures of the company's Endurance truck breaking down ahead of a commercial last summer.
"We received behind-the-scenes photos from a shoot ahead of the July 2020 commercial for the $RIDE Endurance. At the time, the company was 3 months from going public and claimed it would be delivering trucks to fleets "in early 2021,"" tweeted Hindenburg.
NEW: We received behind-the-scenes photos from a shoot ahead of the July 2020 commercial for the $RIDE Endurance.— Hindenburg Research (@HindenburgRes) March 24, 2021
At the time, the company was 3 months from going public and claimed it would be delivering trucks to fleets "in early 2021".https://t.co/uGKvdSFYiH pic.twitter.com/aGW8hf2IYo
One of the pictures shows the Endurance being taken away with a rollback tow truck.
Hindenburg continued: "An onlooker explained that the Endurance broke down on the road mid-shoot, with workers struggling to push it onto a truck before calling a tow truck. The deal to take $RIDE public was announced on August 3rd, just 2 business days after the release of the commercial."
Shares of Lordstown Motors are down more than 8% this afternoon.
Earlier this month, Hindenburg published a report titled "The Lordstown Motors Mirage: Fake Orders, Undisclosed Production Hurdles, And A Prototype Inferno," which accused the company of "fake orders."
Hindenburg is best known for being the firm that called Nikola an "intricate fraud," which led to its founder and eventual probes' departure by several regulatory bodies.
Maybe Hindenburg is onto something here...