Nikola Motor labeled “a complex fraud” by Hindenburg Research

An analyst firm called Hindenburg Research has set Nikola Motor on fire after a complex fraud created with dozens of lies.

Hindenburg said that “extensive evidence was gathered – including recorded phone calls, text messages, private emails and details of dozens of false statements by Nicola founder Trevor Milton.”

Nicola is developing its range of hydrogen fuel cell and battery electric semi-trucks and pickups in preparation for a production push within the next few years.

Yesterday, GM acquired a large $ 2 billion equity stake in Nicola and announced that it would be responsible for the development and supply of fuel cell and battery systems for the Trevor Milton-led company.

However, the Hindenburg report claims that large-scale deceptions are occurring within Nicola’s campaign to gain momentum in the transport sector.

“We have never seen this level of deception in a public company, especially of this size,” Hindenburg said.

According to the news, Nikola shares fell 9% Market inspection, And its $ 20 billion public valuation fell to $ 14.24 billion in just a few hours.

The report claimed that Milton cited these false statements made during a decade at a ~ $ 20 billion public company. He partnered with some of the world’s top auto companies, all desperate to capture Tesla and tap the EV wave. ”

One of the biggest claims in the Hindenburg report is the suggestion that Milton’s statements during a July 2020 podcast indicated directly that Nicola Trey was shutting down production lines at a company facility in Europe.

“We have five of them in Ulm Germany right now,” Milton said during the podcast. However, Bosch, the manufacturing partner who manufactured the trucks, confirmed that there were no Nikola products that were fully manufactured.

In response to the report, Milton indicated in a tweet that it would “take him a few hours to get his reactions” [Hindenburg’s] Is contained. ”

Hindenburg has held a small position in shares of Nicola Motor, and has written a disclosure at the bottom of the report that reflects its current position on the company’s stock.

The report remains to be confirmed, but Block & Levitan LLP, a national securities and litigation firm, is currently investigating the claims. The company stated, “If you have bought or acquired shares of Nicola and have questions about your legal rights or have information related to this case, please email and contact Block & Levitan attorneys at (617) 398-5600 Contact. [email protected], Or at ”

Disclosure: Joey Klander is not a $ NKLA shareholder and has no intention of initiating any position within 72 hours.