Shares of Nikola (NASDAQ: NKLA) fell sharply on Thursday after Hindenburg Research published a scathing report on the electric truck maker. As of 11:15 a.m. EDT, Nikola stock was down 10%.
Hindenburg Research -- a noted short-seller -- accused Nikola of being "an intricate fraud built on dozens of lies" in its report published today.
"We have gathered extensive evidence -- including recorded phone calls, text messages, private emails, and behind-the-scenes photographs -- detailing dozens of false statements by Nikola Founder Trevor Milton," Hindenburg wrote. "We have never seen this level of deception at a public company, especially of this size."
Source Fool.com