Trending: Foxconn Seeks Solution to Negotiation With Lordstown Motors
0704 GMT - Foxconn Technology Group is one of the most mentioned companies in the news over the past 12 hours, according to Factiva data, after Lordstown Motors Corp. filed for bankruptcy, attributing its financial problems to the Taiwan-based company. Lordstown said Tuesday it was filing for Chapter 11 bankruptcy and that it would sue Foxconn for fraud and breach of contract. A deal for Foxconn to purchase $170 million in shares of the electric-vehicle start-up fell through, Lordstown said, alleging that the contract manufacturer's actions "had the intended effect of destroying the business of an American startup." Foxconn said on its website Wednesday that it "has been holding a positive attitude in conducting constructive negotiations and...finding a solution to its financial difficulties," characterizing Lordstown's comments as false and "malicious." Dow Jones & Co. owns Factiva. (jacques.vanwersch@dowjones.com)
(END) Dow Jones Newswires
June 28, 2023 03:19 ET (07:19 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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