that Nikola has hired a law firm to "evaluate potential legal recourse." The firm also plans to raise the issue with the Securities and Exchange Commission, it said.On Thursday, Hindenburg published a lengthy report, citing what it claims to be text messages with former Nikola employees, contracts by Nikola and Milton's previous ventures, and other evidence supporting its short-bet against the company's high-flying valuation.
In one particularly salient instance, the firm claims to have proof — backed up by its own testing — that Nikola shot video of one of its first semi trucks in motion by simply allowing it to coast downhill along a low-grade stretch of highway in Utah. Hindenburg's report comes just days after Nikola announced a $2 billion deal with General Motors to develop electric vehicles with the automaker.
"We have nothing to hide and we will refute these allegations," Nikola said. "They have already taken up more time and attention than they deserve." Shares of Nikola continued to fall as markets opened Friday, sinking as much as 9% to the stock's lowest price in more than a month.Get your weekly recap of all things electric vehicles, airlines, and more. Sign up for our Shifting Gears newsletter now.By clicking ‘Sign up’, you agree to receive marketing emails from Business Insider as well as other partner offers and accept our
If it looks like a turd, smells like a turd...it’s probably a turd 💩
It would be a pity if this project turns out to be a fraud.
I’m an EV truck company too. Behold my prototype, the Karen.
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