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General Motors CEO says the company stands by its Nikola deal as the startup's short-seller fight intensifies

3 days ago   |   By

General Motors Chief Executive Officer Mary Barra announces a major investment focused on the development of GM future technologies at the GM Orion Assembly Plant in Lake Orion, Michigan, U.S. March 22, 2019.
REUTERS/Rebecca Cook
General Motors CEO Mary Barra said Monday that the automaker did "appropriate diligence" before inking a deal with Nikola Motors earlier this month.
The comments came when asked about allegations by a short-seller last week that Nikola and its founder have deceived investors.
Bloomberg News reported Monday that the SEC was also looking into the allegations.
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Nikola Got What It Asked For And It Could Backfire Horribly

Nikola Got What It Asked For And It Could Backfire Horribly

3 days ago   |   By

The SEC is actually investigating that short-seller's claims about Nikola 's allegedly misleading tech demos now, Carlos Ghosn's trial in Japan has started without him, and police traffic stops in Minneapolis are down to all-time lows. All of that and more in The Morning Shift for Tuesday, September 15, 2020.
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Nikola slides 6% on SEC probe over short-seller claims the company misled investors through 'intricate fraud' and 'deception'

3 days ago   |   By

REUTERS/Massimo Pinca
Nikola shares fell 6% in premarket trading on Tuesday after the Securities and Exchange Commission said it will investigate a short-seller's claims the company misled investors through "intricate fraud" and "deception." Short-selling investment firm Hindenburg Research released a lengthy report last week in which it said the electric-vehicle startup overstated the capabilities of its first trucks. The report followed Nikola's announcement of a $2 billion deal with General Motors. Both headlines made for volatile trading. The shares are now a full 40% off last...
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