Nikola Motor Company Badger pickup truck
Source: Nikola Motor Company
Nikola shares tumbled about 15% on Friday after the electric vehicle company dismissed fraud allegations made in a report by short selling firm Hindenburg Research.
Nikola said it is considering legal options, retaining Kirkland & Ellis, and that it plans to bring documents to the Security and Exchange Commission to rebut the report.
The accusations come just days after General Motors said it is taking an 11% stake in Nikola and that it will produce its marquee hydrogen fuel cell electric pickup truck the Badger by the end of 2022. GM shares were up 0.9% in morning trading.
“We are fully confident in the value we will…