Nikola Motor and Executive Chairman Trevor Milton dangle responded to the Hindenburg Research impart that accuses the automaker of being an “intricate fraud.”
Milton posted a press liberate to his official Twitter account on September 11th, indicating that the firm has reached out to a laws agency and plans to protect itself with attorneys. The Chairman additionally said that the impart was as soon as a “hit job for transient sale profit driven by greed,” in a press liberate.
“Nikola retained exterior counsel Kirkland & Ellis LLP and authorized them to attain out without prolong to the SEC. The allegations are faux and counterfeit,” Milton tweeted. “On recommendation of counsel alternatively, I won’t comment extra now assorted than announcing that now we dangle concerned SEC. It is in their hands and I ought to let them toddle their assignment. I desire you to gaze how I dangle addressed every point, but this may per chance perhaps perhaps well additionally ought to wait to be till the SEC finishes their work. Let’s make sure, Nikola approached the SEC, not the assorted attain spherical. The creator wished emotion and we won’t give it to them.”
ought to let them toddle their assignment. I desire you to gaze how I dangle addressed every point, but this may per chance perhaps perhaps well additionally ought to wait to be till the SEC finishes their work. Let’s make sure, Nikola approached the SEC, not the assorted attain spherical. The creator wished emotion and we can’t give it to them
— Trevor Milton (@nikolatrevor) September 11, 2020
Hindenburg released a impart spherical 8 A.M. on September 10th, titled “Nikola–How one can Parlay an Ocean of Lies Into a Partnership with the Ideally suited Auto OEM in The United States,” which claimed the firm had been false in its statements. The title of the impart is indicative of the firm’s unbiased as of late agreed upon partnership with Identical outdated Motors, who decided to expend payment of gas cell and battery trends for Nikola’s vehicles.
The research neighborhood additionally said that it had “gathered intensive proof – along side recorded mobile telephone calls, textual verbalize material messages, private emails, and on the again of-the-scenes photos-detailing dozens of fake statements by Nikola Founder Trevor Milton.” This included the claim that Nikola had units of the “Tre” rolling off of production traces in Ulm, Germany. Bosch, the firm accountable for the production, said that no vehicles had been manufactured.
Furthermore, a street test of a Nikola automobile was as soon as claimed to be deceptive, in accordance with the impart. Hindenburg claims that the truck was as soon as towed and led down a low-grade hill, which made the automobile seem to be operational.
Nikola’s fat notify is readily obtainable below:
“The day earlier than this day, an activist instant-vendor whose motivation is to govern the market and take advantage of a manufactured decline in our stock note printed a so-called “impart” replete with deceptive recordsdata and salacious accusations directed at our founder and government chairman. To be sure, this was as soon as not a research impart and it’s not precise. This was as soon as a success job for transient sale profit driven by greed.
We now dangle nothing to shroud and we can refute these allegations. They dangle got already taken up extra time and a spotlight than they deserve. We now dangle retained main laws agency Kirkland & Ellis LLP to overview attainable correct recourse, along side with respect to the activist instant vendor and any others acting in dwell efficiency.
Nikola additionally intends to bring the actions of the activist instant-vendor, along side proof and documentation, to the attention of the U.S. Securities and Change Commission.
We respect the rights of investors and the integrity of the market and can aloof be again to you after now we dangle superior the method with the SEC.
Most importantly, Nikola remains all in favour of handing over on the guarantees we’ve made to our stakeholders.”