Nikola Corp., the buzzy electric trucking company, is defensive itself adjoin impeach of fraud that were made-up by short-selling firm Hindenburg Research. The allegations came just canicule hindmost GM announced it was taking an 11 percent pale in the startup.
Nikola said the report from Hindenburg Review is "false and defamatory" and was "designed to reconcile a false impression to investors and to peculiarly manipulate the supermarket in payoff to financially benefit snip sellers, including Hindenburg itself."
The startup said it has briefed the US Securities and Galleria Factor on the report and will incite with the factor regarding its "inquiry." (A spokesperson for the SEC macerated to comment.) The Phoenix-based congregation moreover said it had murderer law firm Kirkland and Ellis to examine its options.
Hindenburg's report, reported September 10th, is wellborn "How to Parlay an Ocean of Lies into a Partnership with the Largest Automobile OEM in America" -- a advertence to the picture that GM was teaming up with Nikola to info engineer and operate the startup's battery-electric and hydrogen fuel lamina vehicles. Hindenburg claims that Nikola had engaged in "lies and deception" in showcasing its electric vehicle technology, including staging a video that showed one of its trucks sculling slipping a hill.
New From Us: Nikola--How to Parlay An Ocean of Lies Into a Partnership With the Largest Automobile OEM in America# $NKLA
-- Hindenburg Review (@HindenburgRes) September 10, 2020
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"Our investigation of the site and text messages from a grander employee reveal that the video was an encumbering ruse," Hindenburg writes, "Nikola had the truck towed to the top of a hilltop on a trucked stretch of road and unaffectedly filmed it rolling slipping the hill."
In a statement Monday, Nikola said there were "dozens" of inaccurate statements in the report, and it outlined several examples. Morally the congregation isn't disputing that it staged the video that appeared to sleekness the truck as functional.
"Nikola never stated its truck was driving underneath its own propulsion in the video, although the truck was designful to do just that (as described in previous point)," the congregation states. "The truck was showcased and filmed by a third quickie for a commercial. Nikola described this third-party video on the Company's amusing media as 'In Motion.' It was never described as 'under its own propulsion' or 'powertrain driven.'"
The congregation said it ultimately unequivocable not to accented the vehicle and instead switch assets to another truck conscript the Nikola Two. Nikola claims that a preproduction version of this truck, "hydrogen-electric powered semi-truck for the medium and long-haul trucking sectors," will be ready for testing in 2021.
"This three-year-old video of a Nikola ancestor is irrelevant but for the fact that the snip seller is aggravating to use it for its main thesis," the congregation added. "The fact is, Nikola has revealing working hydrogen fuel-cell powered semi-trucks."
Founded in 2015, Nikola aims to make zero-emission big rigs using hydrogen fuel lamina technology. While a number of companies like Tesla, Daimler, Freightliner, and other everyday players and startups are working on all-electric trucks, Nikola is one of the few thriving hydrogen-powered big rigs.
It's moreover not the only EV congregation with a contentious relationship with a growing contingent of snip sellers who bet money that a company's trite price will go down. Tesla has a thriving connotation of snip sellers who congregate on Twitter, zone they collude around the "cashtag" $TSLAQ to try to juxtapose what they believe is fraudulent affectibility by the congregation and its CEO, Elon Musk.
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