Tuesday Sept 22 2020
Nikola electric truck maker CEO resigns amid charges of misrrepresentation.
https://www.aol.com/nikola-stock-collapses-ceo-trevor-083631613.html
The stock, traded on the Nasdaq, tumbled by over 30% at Wall Street’s opening bell on Monday, but clawed back some of those losses in midday trading. Nikola is a competitor of industry leader Tesla (TSLA), which itself has been in the crosshairs of short-seller campaigns accusing CEO Elon Musk of mismanagement and impropriety.
Nikola has been under pressure for more than a week, after activist short-seller Hindenburg Research issued an extensive report on Sept. 10 claiming Nikola “is an intricate fraud built on dozens of lies” over the course of Milton’s career.
Recall that GM's Mary Barra has inked a deal to construct the trucks Nikola designs. If this is true, it will not speak well for her due diligence or that of GM.
As I say I never run out of new material in accounting ethics.
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