Trevor Milton, founder and former CEO of Nikola Motor Company has today (July 29) been charged for repeatedly disseminating false and misleading information about Nikola’s products and technological accomplishments.
The charges follow a high-profile ‘research report’ from Hindenburg Research, released on September 10, 2020, which made a series of extensive allegations against the hydrogen and battery-powered heavy-duty truck manufacturer.
Milton founded Nikola in 2015 with the primary goal of manufacturing trucks that run on low or zero emissions fuels and supporting infrastructure. Once established, it is said he helped the company raise more than $1bn in private offerings and go public through a business combination conducted by a special purpose acquisition company (SPAC).
This, and multiple other questions and queries which were explored in the research report, were brought to court today in a complaint from the Securities and Exchange Commission (SEC), which was filed in US District Court for the Southern District of New York.
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