Lordstown Motors executives resign amid inaccurate preorder disclosures

Lordstown Motors Corp., one of the most ambitious electrical-vehicle startups, said its chief executive and top financial leader resigned after a new report from a board committee found inaccuracies in parts of the company’s disclosures on truck preorders. Mr. Burns also stepped down from the company’s board, according to Lordstown Motors. “They’re very serious orders.” In a regulatory disclosure in December, Lordstown Motors said it didn’t have any current customers or pending orders, and there was no assurance the nonbinding preorders would be converted to sales. Lordstown Motors’ special board committee found that one entity that provided a large number of preorders doesn’t appear to have the resources to complete large purchases of trucks.