Nikola Shares Drop After Hindenburg Research Calls It A “Intricate Fraud”, Compares It To Theranos
Thu, 09/10/2020 – 08:54
Nikola shares are selling off pre-market in response to a new report from Hindenburg Research, which calls it an “intricate fraud” based on conversations with former employees.
“Today, we reveal why we believe Nikola is an intricate fraud built on dozens of lies over the course of its Founder and Executive Chairman Trevor Milton’s career,” the report claims.
“We have gathered extensive evidence—including recorded phone calls, text messages, private emails and behind-the-scenes photographs—detailing dozens of false statements by Nikola Founder Trevor Milton. We have never seen this level of deception at a public company, especially of this size.”