New York (The Verge) — Electric trucking startup Nikola defends itself from short seller fraud allegations theverge.com/2020/9/14/2143….
Nikola said a recent report from a short seller alleging fraud is “false and defamatory.” The report claimed that Nikola has engaged in “lies and deceptions,” including pushing a nonfunctioning truck down a hill for a promotional video, which it parlayed into a $2 billion deal with General Motors.
Nikola said the report from Hindenburg Research is “false and defamatory” and was “designed to provide a false impression to investors and to negatively manipulate the market in order to financially benefit short sellers, including Hindenburg itself.”
The startup said it has briefed the US Securities and Exchange Commission on the report and will cooperate with the agency regarding its “inquiry.” (A spokesperson for the SEC declined to comment.) The Phoenix-based company also said it had hired law firm Kirkland and Ellis to evaluate its options. — Andrew J. Hawkins/@verge