Nikolas internal review finds inaccuracy in statements made by founder Trevor Milton

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Nikola and its founder Trevor Milton had made several statements that were partially or completely inaccurate, the electric vehicle maker said late Thursday after an internal review in an approval application.

Kirkland & Ellis, a law firm that Nikola hired to conduct an investigation into fraud allegations of the short seller Hindenburg, also examined whether the inaccurate statements violated any law.

The law firm would continue to validate other statements made by Nikola, including the current filings.

Nikola is under investigation by the US Securities and Exchange Commission and the US District Attorney’s Office for the southern borough of New York in connection with Hindenburg’s allegations.

The short seller’s report alleged that Milton, who has since stepped down as chairman, made false claims about the company’s proprietary technology to partner with major automakers. Nikola had publicly denied all allegations.

Milton was not immediately available for comment.


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