Why Nikola's Stock Is Sliding Downhill Again

Shares of electric heavy-truck start-up Nikola (NASDAQ: NKLA) were trading lower on Thursday morning, after the U.S. Department of Justice revealed that the company's founder and former CEO, Trevor Milton, has been charged with making false statements to Nikola investors.

As of 11 a.m. EDT, Nikola's shares were down about 7.9% from Wednesday's closing price.

In an indictment revealed on Thursday morning, the Justice Department -- specifically, the office of the U.S. Attorney for the Southern District of New York (which includes Manhattan) -- charged Milton with two counts of securities fraud and one count of wire fraud.

Source Fool.com