UPDATE: Nikola shares slide premarket on report Founder Trevor Milton indicted for making false claims to investors

Trevor Milton, founder of electric truck company Nikola Corp.
NKLA,
+7.26%
has been indicted on three counts of fraud by the U.S. Attorney’s Office for the Southern District of New York for making “false and misleading statements” to investors regarding “nearly all aspects of the business,” according to a grand jury indictment that was unsealed on Thursday. The investigation came after short seller Hindenburg Research published a research report on the company that alleged that management had misled investors and overstated its internally developed battery and fuel-cell capabilities. The indictment said Milton, the one-time executive chairman of the company, had targeted retail investors, using social media, TV, print and podcast interviews. Nikola shares slid 7% premarket.

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