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Nikola Issues Fuller Denial of Short Seller Hindenburg’s Claims

Electric-truck startup pushes back on Hindenburg report
Shares on roller coaster as investors sort out allegations

Watch: The U.S. Securities and Exchange Commission is examining Nikola Corp. over allegations that the electric-truck maker deceived investors about its business prospects, according to people familiar with the matter. (Source: Bloomberg)

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By Edward Ludlow

September 14, 2020 at 11:37 AM UTC

Updated on

September 14, 2020 at 10:01 PM UTC

This article is for subscribers only.

Nikola Corp. made a fuller-throated denial of a report last week that claimed the electric-truck maker had deceived investors, accusing a short seller of mischaracterizations and distortions.

Hindenburg Research, the short seller whose report sent Nikola shares tumbling last week, made false and misleading statements that were designed to manipulate the market, Nikola said early Monday. The Phoenix-based company’s shares were on a roller coaster: The stock plunged as much as 16% in the premarket, closed 11.4% higher to $35.79 and then sank as much as 11.7% in postmarket trading after Bloomberg reported securities regulators are examining the merits of the short seller’s claims.