Nikola Corp. issued a lengthier denial of a report last week that claimed the electric truck maker had deceived investors, accusing a short seller of mischaracterizations and distortions.
Hindenburg Research, a short seller whose report sent Nikola shares tumbling last week, made false and misleading statements that were designed to manipulate the market, Nikola said Monday. The Phoenix-based company’s shares pared a decline of as much as 16 percent in pre-market trading.
Nikola said Hindenburg took a comment made by an employee of Robert Bosch, a supplier and investor in the company, out of context and underestimated its capabilities to produce hydrogen for its fuel cell-powered trucks. The Phoenix-based company also said it terminated a former chief financial officer and that his departure was unrelated to the company refunding reservation deposits for its first truck prototype, as Hindenburg suggested.
Shares of Nikola were down 2.9 percent to $31.20 as of 8:26 a.m. in New York trading.