The electric-vehicle maker’s probe found nine statements made by the company and its founder and former chairman,
Nikola commissioned the law firm
The accusations prompted inquiries by the U.S. Securities and Exchange Commission and Justice Department. Nikola has said it is cooperating with regulators in those investigations.
A company spokesperson declined to comment beyond what was stated in the filing. A representative for Milton, who remains the single largest shareholder in Nikola with a stake of around 22%, also declined to comment.
Details about the probe were first reported earlier by the Financial Times.
Nine Questionable Assertions
The company’s internal review found the questionable assertions -- seven of which were made by Milton and two by Nikola -- were “inaccurate in whole or in part, when made,” according to the filing.
The misleading statements included a December 2016 claim by Milton that one of Nikola’s first prototypes, the Nikola One, was a fully functioning vehicle. Bloomberg News
The review also found some of Milton’s assertions in July of last year about the status of Nikola’s technology and its progress in developing prototypes could not be substantiated.
Not all of the allegations made against the company were validated by the review, and in its filing Nikola disputed the notion its entire business was a “intricate fraud” built on dozens of lies, as Hindenburg suggested in its report.
The fallout from the scandal ultimately led the company to curtail its ambitions after setbacks such as a
Nikola’s chief executive officer,
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