The U.S. Securities and Exchange Commission is examining Nikola Corp. to assess the merits of a short-seller’s allegations that the electric-truck maker deceived investors about its business prospects, according to people familiar with the matter.
In a Sept. 10 report that has captured Wall Street’s attention, Hindenburg Research called Nikola an “intricate fraud” that, among other allegations, overstated the capabilities of its earliest test trucks. Nikola has pushed back, accusing the short seller of making misleading statements that were designed to manipulate its shares.
