LORDSTOWN, Ohio - Lordstown Motors is being named in a class-action lawsuit filed by a fifth investor who says he spent tens of thousands of dollars on the company’s stock which has fallen 77% in value since late September.

A civil complaint was filed Thursday in U.S. District by Raymond J. Romano claims that from early August through late March, he paid a total of $51,668 to purchase 3,200 shares of Lordstown Motor’s RIDE stock, and its predecessor that acquired LMC, DiamondPeak Holdings.

The complaint estimates that there are “hundreds of thousands” of investors who purchased the stock between August 6, 2020 and March 25, 2021.

According to Lordstown Motor’s website, the stock value has fallen from a high of $31.05 per share on September 21, closing Thursday at $6.98.

Romano’s complaint alleges violations of federal securities law by Lordstown Motors CEO Steve Burns, as well as five people who served as DiamondPeak directors.

Like four other similar class actions filed in federal court, Romano’s lawsuit cites Burns’ public announcement that LMC had 100,000 pre-orders for the Endurance; an all-electric pickup truck that Burns has said will begin production in September at the former General Motors Assembly Plant in Lordstown.

The latest lawsuit alleges that statements regarding the Endurance were false and misleading and failed to disclose “adverse facts” about Lordstown Motors and its prospects:

“Specifically, Defendants failed to disclose that: (1) the number of Endurance pre-orders was fabricated, and therefore inflated, and thus did not accurately reflect demand; (2) Lordstown had fabricated the pre-orders in order to give prospective investors a false sense of confidence; and (3) as a result of the foregoing, the Proxy Statement’s positive statements about Lordstown’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.”

Romano’s suit says LMC failed to reveal that a substantial amount of the pre-orders were from customers who didn’t operate commercial fleets, or didn’t have the financial means to buy the trucks.

The suit also cites a March 12, 2021 report from Hindenburg Research which claimed that Lordstown Motors had no sellable product and misled investors.

During a March 17 earnings call with investors, CEO Steve Burns revealed that Lordstown Motors was under investigation by the U.S. Securities and Exchange Commission and the board of directors has formed a committee to conduct an internal inquiry.

The complaint says LMC’s stock value was also damaged by photographs the purported to show the Endurance “breaking down” as a video commercial was being photographed several days prior to the announced merger of DiamondPeak and Lordstown Motors.

Romano’s attorneys seek damages and are asking for a jury trial. A judge has already ruled that the four previous complaints would be combined. 

The defendants have not yet filed a response to the latest complaint. 21 News has reached out to LMC’s public relations firm seeking a reply.

Steve Burns has previously said that LMC would "vigorously defend" against the previous lawsuits, as well as cooperate with the Securities and Exchange investigation.

Investors will learn more about Lordstown Motors' financial situation on Monday when the company releases a first-quarter earnings report and conducts a conference call about those earnings.