{"id":120787,"date":"2021-09-02T00:51:37","date_gmt":"2021-09-02T00:51:37","guid":{"rendered":"https:\/\/fin2me.com\/?p=120787"},"modified":"2021-09-02T00:51:37","modified_gmt":"2021-09-02T00:51:37","slug":"u-s-sec-opens-probe-into-ev-company-workhorse-group-letter","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/u-s-sec-opens-probe-into-ev-company-workhorse-group-letter\/","title":{"rendered":"U.S. SEC opens probe into EV company Workhorse Group -letter"},"content":{"rendered":"
FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS\/Andrew Kelly\/File Photo<\/figcaption>

(Reuters) -The U.S. Securities and Exchange Commission (SEC) has opened a probe into electric vehicle maker Workhorse Group Inc, an early investor in Lordstown Motors Corp, according to a letter from the regulator published by a short seller.<\/p>\n

The securities regulator disclosed in a letter dated June 30 that its enforcement division had been investigating Workhorse and that the probe is \u201cstill active,\u201d according to a copy published on the website of Fuzzy Panda Research.<\/p>\n

Workhorse, which did not respond immediately to a request for comment, in June challenged a decision by the U.S. Postal Service earlier this year to award a multibillion-dollar, 10-year contract to Oshkosh Defense to manufacture a new generation of postal delivery vehicles.<\/p>\n

Fuzzy Panda Research describes itself as a short seller on its website. The firm did not respond to a request for comment on the letter, which was earlier reported by the Wall Street Journal.<\/p>\n

Lordstown months ago announced the sudden departure of its founder and former top boss, Steve Burns, after an internal investigation into short-seller Hindenburg Research\u2019s claims that the startup overstated the viability of its technology and misled investors about production plans.<\/p>\n

Burns was also the former CEO of Workhorse.<\/p>\n

Lordstown has also faced scrutiny from federal prosecutors in Manhattan and the SEC regarding its merger with a blank-check company and previously made statements about preorders for its vehicles.<\/p>\n

The SEC and U.S. prosecutors in July charged Trevor Milton, the former CEO of EV firm Nikola Corp, with defrauding investors by lying to them about the company.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. 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