Nikola Review Determines Its Founder Made Several "Inaccurate" Claims

An internal review conducted by electric truck start-up Nikola (NASDAQ: NKLA) identified a number of inaccurate claims made by its founder and former chairman Trevor Milton, who left the company in September under a cloud of controversy. In its annual report filed with the Securities and Exchange Commission, Nikola listed nine comments made by Milton from July 2016 through July 2020 that it found to be "inaccurate in whole or in part." The claims include Milton's statements that the company owned rights to natural gas wells, that its prototype truck was fully functional, and that it had trucks "coming off the assembly line" in July 2020.