Bears Out for Blood: Nikola Coming Under Intense Attack

The bears are still attacking Nikola (NKLA).

At the moment, shares of NKLA are down another 12%, or $4.65 a share as the bears pile on.

Yesterday, Hindenburg Research accused the EV company of being “an intricate fraud,” which has allegedly been built on lies by its Founder and Chairman Trevor Milton. 

“We have gathered extensive evidence-including recorded phone calls, text messages, private emails and behind-the-scenes photographs-detailing dozens of false statements by Nikola Founder Trevor Milton,” said the report, as quoted by MarketWatch.

Following that report, Nikola refuted the issue.

“Yesterday, an activist short-seller whose motivation is to manipulate the market and profit from a manufactured decline in our stock price published a so-called “report” replete with misleading information and salacious accusations directed at our founder and executive chairman. To be clear, this was not a research report and it is not accurate. This was a hit job for short sale profit driven by greed.”

The company has also retained its attorney to evaluate its next course of action.  It also has plans to bring said issues to the U.S. SEC.

Shortly after that, Nikola was hit again. This time by Citron Research.

Just moments ago, Citron Research piled on, calling NKLA a “total fraud.”

In fact, they tweeted, “Congrats to Hindenburg for exposing what appears to be a total fraud with $NKLA. Citron will cover half of all legal expenses. You can’t SLAPP the truth away. Explains why Milton sold at $10 this June $NKLA response warrants an SEC investigation to maintain integrity of EV mkt.”

With the war between NKLA and short sellers just getting under way, we’ll keep you up to date.

Perhaps once the smoke clears here, shares of NKLA will become an absolute steal.