SEC v. Lionel Selwood, Jr.

Lionel Selwood, Jr. allegedly misled investors about a shortage of battery cells. According to the SEC's complaint, Selwood knew or should have known a shortage had in fact developed and that Romeo's suppliers were not able to deliver enough cells for the company to meet its previously disclosed revenue projections. The SEC's complaint also alleges that in January 2021 Selwood signed an SEC filing that continued to provide the same materially false and misleading risk disclosure.

Summary generated from official Securities and Exchange Commission press release