Nikola and its founder Trevor Milton had made several statements that were partially or completely inaccurate, the electric-truck maker disclosed in a regulatory filing late on Thursday following an internal review.
Kirkland & Ellis, a law firm hired by Nikola to conduct a review in connection to allegations of fraud by short-seller Hindenburg, was also assessing if the inaccurate statements violated any statute, the filing said.
The law firm would also continue to assess the accuracy of other statements made by Nikola, including in its current regulatory filings.
Nikola is being investigated by the U.S. Securities and Exchange Commission and the U.S. Attorney’s Office for the Southern District of New York in connection with Hindenburg’s allegations.
The short-seller’s report claimed that Milton, who has since resigned as chairman, had made false claims about the company’s proprietary technology to form partnerships with large automakers. Nikola had publicly rejected all accusations.
Milton was not immediately available for comment.