Lordstown Motors Corp., founded by Workhorse founder and former CEO Steve Burns, is being investigated by both the DOJ and the SEC.Īnd electric SUV and van startup Canoo is subject of an SEC probe.

has been charged with three counts of fraud related to false statements the SEC alleged were intended to boost the price of Nikola stock. The founder of electric truck maker Nikola Corp. Workhorse is the latest electric vehicle company to come under government scrutiny. The DOJ has not issued any subpoenas and only told Workhorse of its parallel investigation in a Friday phone call.īoth subjects were part of a research report by short seller Fuzzy Panda in September. Retail traders betting on Workhorse winning the Postal Service contract drove its share price as high as $42.96. The SEC asked Workhorse ( NASDAQ: WKHS) to turn over documents related to the stock sales and information about how the company recognized revenue from early sales of electric vans. At this point, we cannot predict the eventual scope, duration or outcome of these matters.” Rick dauch, ceo, workhorse group “We are fully cooperating with both the SEC and DOJ investigations. “At this point, we cannot predict the eventual scope, duration or outcome of these matters.” “We are fully cooperating with both the SEC and DOJ investigations,” Dauch said on a call with analysts reviewing his actions since taking over as CEO in August. The Loveland, Ohio-based company also acknowledged Tuesday that it is being investigated by the Securities and Exchange Commission and the Department of Justice over stock sales leading up to the February awarding of the 10-year, $6 billion Postal Service contract for next-generation delivery vehicles.

Postal Service over the company’s unsuccessful bid to build battery-powered mail trucks. Workhorse Group reported negative revenue and profits in Q3 as new CEO Rick Dauch grounded production of the C-1000 electric delivery van, jettisoned 25% of the hourly workforce, overhauled the executive leadership and dropped a lawsuit against the U.S.

Workhorse car