Why Nikola Stock Is Trading Lower Today
Shares of electric-truck start-up Nikola (NASDAQ: NKLA) are trading lower today, down 6.2% as of 12:15 p.m. EDT, after Bloomberg reported that the U.S. Securities and Exchange Commission (SEC) is investigating Nikola to assess the merits of a short-seller's allegations that the company deceived investors.
The stock has fallen roughly 21% since the short-seller's allegations were made public on Thursday morning.
Bloomberg reported late on Monday that the SEC is examining the claims made against Nikola by short-selling firm Hindenburg Research last week. Hindenburg alleged in a Sep. 10 report that Nikola is an "intricate fraud built on dozens of lies" and said that it had evidence to back its claims.
Source Fool.com
