- The Department of Justice is also making inquiries into allegations of fraud at electric-truck startup Nikola, the Financial Times reported Tuesday.
- Nikola didn’t respond to a request for comment about the report.
- The paper also confirmed earlier reports that the Securities and Exchange Commission had begun to examine the accusations.
- Shares of Nikola fell more than 8% on Tuesday, erasing all of their gains since the startup announced a deal with General Motors earlier this month.
- Visit Business Insider’s homepage for more stories.
The US Department of Justice has made inquiries regarding accusations from a short-seller this week that electric-truck startup Nikola engaged in “intricate fraud,” the Financial Times reported Tuesday.
The report follows the Securities and Exchange Commission’s reported examination of the allegations made by Hindenburg research last week that have largely wiped out market gains by Nikola following a $2 billion General Motors deal announcement.
The DOJ did not respond to a request for comment from Business Insider.
Department of Justice reportedly joins SEC in looking into Nikola after a short-seller accused the startup of fraud
Thanks for visiting Popular Crime. The story below is a summary we’re sharing from another news source, who did original reporting on the case.
Thanks to Hunt A Killer for this great deal
We’ve partnered with a terrific new immersive game experience for True Crime fans like us.
And for a limited time, they have let us know that readers or PopularCrime can take 20% off their first box by using the code POPULARCRIME at checkout. We hope you enjoy the game as much as we do and join us as we unravel the clues in the latest box every month.
Popular Crime pulls in news of current and historical true crime cases from all over the world. The above excerpted is reprinted here under the provisions of Fair Use. Any and all reporting was done by the original publisher. We encourage you to visit the original publisher.
For more information about our site, click here.