Nikola Motor and Govt Chairman Trevor Milton have responded to the Hindenburg Analysis report that accuses the automaker of being an “intricate fraud.”
Milton posted an announcement to his official Twitter account on September 11th, indicating that the corporate has reached out to a regulation agency and plans to defend itself with attorneys. The Chairman additionally stated that the report was a “hit job for brief sale revenue pushed by greed,” in an announcement.
“Nikola retained outdoors counsel Kirkland & Ellis LLP and licensed them to achieve out on to the SEC. The allegations are false and misleading,” Milton tweeted. “On recommendation of counsel nevertheless, I received’t remark additional now apart from saying that we’ve concerned SEC. It’s of their palms and I’ve to allow them to run their course of. I need you to see how I’ve addressed every level, nevertheless it must wait to be till the SEC finishes their work. Let’s be clear, Nikola approached the SEC, not the opposite method round. The creator needed emotion and we received’t give it to them.”
must allow them to run their course of. I need you to see how I’ve addressed every level, nevertheless it must wait to be till the SEC finishes their work. Let’s be clear, Nikola approached the SEC, not the opposite method round. The creator needed emotion and we can’t give it to them
— Trevor Milton (@nikolatrevor) September 11, 2020
Hindenburg launched a report round eight A.M. on September 10th, titled “Nikola–How to Parlay an Ocean of Lies Into a Partnership with the Largest Auto OEM in America,” which claimed the corporate had been fraudulent in its statements. The title of the report is indicative of the corporate’s not too long ago agreed upon partnership with Normal Motors, who determined to take cost of gas cell and battery developments for Nikola’s automobiles.
The research group also stated that it had “gathered intensive proof – together with recorded cellphone calls, textual content messages, personal emails, and behind-the-scenes photographs-detailing dozens of false statements by Nikola Founder Trevor Milton.” This included the declare that Nikola had items of the “Tre” rolling off of manufacturing strains in Ulm, Germany. Bosch, the corporate liable for the manufacturing, said that no automobiles had been manufactured.
Moreover, a highway take a look at of a Nikola automobile was claimed to be deceptive, in accordance with the report. Hindenburg claims that the truck was towed and led down a low-grade hill, which made the automobile look like operational.
Nikola’s full assertion is accessible under:
“Yesterday, an activist short-seller whose motivation is to govern the market and revenue from a manufactured decline in our inventory value printed a so-called “report” replete with deceptive data and salacious accusations directed at our founder and government chairman. To be clear, this was not a analysis report and it isn’t correct. This was successful job for brief sale revenue pushed by greed.
We’ve got nothing to cover and we’ll refute these allegations. They’ve already taken up extra time and a focus than they deserve. We’ve got retained main regulation agency Kirkland & Ellis LLP to judge potential authorized recourse, together with with respect to the activist brief vendor and any others performing in live performance.
Nikola additionally intends to convey the actions of the activist short-seller, along with proof and documentation, to the eye of the U.S. Securities and Alternate Fee.
We respect the rights of buyers and the integrity of the market and might be again to you after we’ve superior the method with the SEC.
Most significantly, Nikola stays targeted on delivering on the guarantees we’ve made to our stakeholders.”