{"id":1137893,"date":"2021-12-21T13:35:15","date_gmt":"2021-12-21T18:35:15","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1137893"},"modified":"2021-12-21T13:35:19","modified_gmt":"2021-12-21T18:35:19","slug":"electric-truck-company-to-pay-125-million-settlement-for-misleading-investors","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/electric-truck-company-to-pay-125-million-settlement-for-misleading-investors\/","title":{"rendered":"Electric Truck Company To Pay $125 Million Settlement for Misleading Investors"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Felectric-truck-company-to-pay-125-million-settlement-for-misleading-investors%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1137893&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div readability=\"29.6\">\n\t\t\t<span class=\"article-category\"><a class href=\"https:\/\/freebeacon.com\/latest-news\/\">Latest News<\/a><\/span><\/p>\n<p class=\"article-excerpt\">Nikola scammed investors with video of non-functional truck rolling down a hill<\/p>\n<figure class=\"post-thumbnail-container relative lg:mr-24 w-full my-4 mb-8\">\n\t\t<img decoding=\"async\" loading=\"lazy\" width=\"736\" height=\"589\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/12\/Trevor_Milton-736x589-1.jpeg\" class=\"w-full lazyload blur-up wp-post-image\" alt srcset=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" sizes=\"auto, (max-width: 736px) 100vw, 736px\" data-srcset=\"https:\/\/freebeacon.com\/wp-content\/uploads\/2021\/12\/Trevor_Milton-e1640107013830.jpeg 736w, https:\/\/freebeacon.com\/wp-content\/uploads\/2021\/12\/Trevor_Milton-300x240.jpeg 300w, https:\/\/freebeacon.com\/wp-content\/uploads\/2021\/12\/Trevor_Milton-1024x819.jpeg 1024w, https:\/\/freebeacon.com\/wp-content\/uploads\/2021\/12\/Trevor_Milton-768x614.jpeg 768w, https:\/\/freebeacon.com\/wp-content\/uploads\/2021\/12\/Trevor_Milton-614x491.jpeg 614w\" data-sizes=\"auto\" \/><figcaption class=\"absolute text-white p-4 w-full text-right text-xs bottom-0 bg-black opacity-75\">\n\t\t\t\tFormer Nikola CEO Trevor Milton, who has been charged with defrauding investors (Wikimedia Commons)\t\t\t<\/figcaption><\/figure>\n<p>\t\t\t<span class=\"text-gray text-xs md:text-lg\"><a href=\"https:\/\/freebeacon.com\/author\/karl-salzmann\/\" title=\"Posts by Karl Salzmann\" class=\"author url fn text-red-700\" rel=\"author\">Karl Salzmann<\/a> \u2022 December 21, 2021 1:20 pm<\/span><\/p><\/div>\n<div readability=\"70.674750356633\">\n<p>Once-booming electric truck manufacturer Nikola on Tuesday <a href=\"https:\/\/nypost.com\/2021\/12\/21\/electric-truck-maker-nikola-paying-sec-125m-in-settlement\/?utm_medium=SocialFlow&amp;utm_campaign=SocialFlow&amp;utm_source=NYPTwitter\" target=\"_blank\" rel=\"noopener\">agreed<\/a>&nbsp;to pay a $125 million settlement to the Securities and Exchange Commission over charges that it lied to investors, the <i>New York Post<\/i> reported.<\/p>\n<p>Company founder Trevor Milton &#8220;misled investors about, among other things, Nikola&#8217;s technological advancements, in-house production capabilities, reservation book, and financial outlook,&#8221; the SEC said Tuesday.<\/p>\n<p>Nikola had a whirlwind rise on Wall Street, with General Motors in Sept. 2020 acquiring a $2 billion stake in the company. Its success came crashing down that same month.<\/p>\n<p>Milton, then the company&#8217;s CEO, in Jan. 2018 posted to YouTube a video of the &#8220;Nikola One Electric Semi Truck in motion.&#8221;<\/p>\n<p>&#8220;This thing fully functions and works, which is really incredible,&#8221; he said.<\/p>\n<p>In reality, a bombshell Sept. 2020 Hindenburg Research report <a href=\"https:\/\/arstechnica.com\/cars\/2020\/09\/nikola-admits-prototype-was-rolling-downhill-in-promotional-video\/\" target=\"_blank\" rel=\"noopener\">found<\/a>, the company had just let the far-from-functional truck roll down a hill and tilted the camera to make the road appear level.<\/p>\n<p>Nikola a week later admitted that the truck did not &#8220;drive on its own propulsion.&#8221; It admitted in February that Milton had made multiple &#8220;inaccurate&#8221; claims about the truck.<\/p>\n<p>Under the $125 million SEC settlement, Nikola will not admit or deny wrongdoing. Milton, who in Sept. 2020 resigned from the company, has already been charged with fraud.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Latest News Nikola scammed investors with video of non-functional truck rolling down a hill  Former Nikola CEO Trevor Milton, who has been charged with defrauding investors &#8230;<\/p>\n","protected":false},"author":162,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1137893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1137893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/162"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1137893"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1137893\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1137893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1137893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1137893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}