The U.S. Securities and Exchange Commission is examining Nikola to assess the merits of a short-seller’s allegations that the electric-truck maker deceived investors about its business prospects, according to people familiar with the matter.
In a September 10 report, Hindenburg Research called Nikola an “intricate fraud” that, among other allegations, overstated the capabilities of its earliest test trucks.
Among Hindenburg’s accusations is that a 2018 promotional video was misleading because it gave the impression that a prototype was capable of being driven when the truck had in fact been rolled down a hill.
Nikola said Monday it never claimed the truck was driving under its own propulsion — though it had described the vehicle as “in motion” in social media posts and other communications.
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