Nikola Corp has agreed to pay $125 million to settle civil charges that it defrauded investors by misleading them about its products, technical advancements and commercial prospects, the U.S. securities regulator said on Tuesday.
Trevor Milton, founder and former-CEO of Nikola Corp., exits the Manhattan Federal Courthouse following an appearance in New York City, U.S., July 29, 2021. REUTERS/Eduardo Munozhas agreed to pay $125 million to settle civil charges that it defrauded investors by misleading them about its products, technical advancements and commercial prospects, the U.S. securities regulator said on Tuesday.
The Securities and Exchange Commission accused the electric vehicle manufacturer of violating U.S. securities laws with numerous misleading statements made from March to September 2020 about in-house production capabilities, reservation book and financial outlook. The settlement follows civil and criminal charges filed in July against Nikola's founder Trevor Milton for using social media to repeatedly mislead investors about the company's technology and capabilities, reaping "tens of millions of dollars" as a result of his misconduct. Milton is battling those charges in court after having lost a bid to dismiss or move the case.
Nikola went public via a special purpose acquisition company in June 2020, a process the SEC has criticized for requiring less initial vetting than the traditional initial public offering process. This month, the SEC's chair said the agency was considering toughening rules around how underwriters, boards of directors and sponsors of SPACs structure fees, issue projections and disclose conflicts.The plans are part of the SEC's broader crackdown on the sector this year. The agency has also told top auditors to change their accounting practices and launched a broad enforcement inquiry of Wall Street banks involved in the deals.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Fox Corp. Tells NYC Employees: You Must Get VaxxedKevin HagenFox News employees located in the network’s New York City offices will now be required to have at least one vaccination shot by Dec. 27 if they want to work in the office, according to an internal memo sent to the company’s staffers.“All workers in NYC who perform in-person work at an office location, including Fox employees, must show proof of receiving at least one dose of a COVID-19 vaccine,” the Fox Corp. memo, first obtained by The Washington Post’s Jeremy Barr, stated. Fox Corp.
Baca lebih lajut »
Schroders to buy renewable investor Greencoat for $473 mlnBritish money manager Schroders plc said on Tuesday it has reached an agreement to buy 75% of renewable investor Greencoat Capital Holdings Limited in a bid to grow its sustainable investment offering .
Baca lebih lajut »
CDPR’s ‘Cyberpunk 2077’ Investor Settlement Is Hilariously TinyWe got word last week that the combined investor lawsuits against CDPR for misleading investors about the state of Cyberpunk 2077 were about to be settled.
Baca lebih lajut »
How To Profit From Bitcoin And Other Crypto Assets Without Owning ThemWith Coinbase breaking records in the largest direct listing ever and the SEC approving the first Bitcoin ETFs, more investors are looking for exposure to crypto through stocks and exchange-traded products.
Baca lebih lajut »
StanChart fined $61.5 mln for misreporting liquidity positionThe Bank of England said on Monday it was fining Standard Chartered 46.55 million pounds ($61.51 million) for misreporting its liquidity position to the regulator and for failings in its controls.
Baca lebih lajut »