NEW YORK, Aug. 27, 2020 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of DiamondPeak Holdings Corp. (“DPHC” or the “Company”) (NASDAQ: DPHC) in connection with the Company’s proposed merger with privately-held automobile company Lordstown Motors Corp. (“Lordstown Motors”). Under the terms of the merger agreement, DPHC will acquire Lordstown Motors through a reverse merger that will result in Lordstown Motors becoming a publicly-listed company. Upon closing of the transaction, the combined company will be named Lordstown Motors Corp. and is expected to remain listed on the NASDAQ, trading under the new ticker symbol, “RIDE.” The deal has an implied pro forma equity value of approximately $1.6 billion.
If you own DPHC shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether DPHC’s board acted in the best interest of DPHC’s public shareholders in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of Lordstown Motors, whether the deal’s equity split is fair to DPHC shareholders, and whether all information regarding the valuation of the transaction will be fully and fairly disclosed to DPHC public shareholders.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com
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SOURCE WeissLaw LLP