Approval of the settlement—which may be paid over the next two years—will be determined with a vote by the SEC’s commissioners.
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Final approval of the settlement—which may be paid over the next two years—will be determined with a vote by the SEC’s commissioners, the Phoenix-based company said today in its third-quarter results announcement. Nikola also filed an arbitration claim against Milton in an effort to recover damages it has sustained.
Scrutiny of Nikola by federal officials, starting in September 2020 when fraud allegations against Milton arose, has kept a cloud over its plans to shake up the trucking industry with a line of high-tech electric trucks powered by batteries and fuel cells, as well as the hydrogen and fuel stations needed to keep them rolling. After an
A fine of $125 million is significantly larger than past punishments doled out by the SEC against companies and executives for making false statements to investors. For example, in 2018 the regulator fined Elon Musk and Tesla $20 million each after the mercurial CEO falsely claimed on Twitter he had secured funding to take the company private. Musk also lost his position as Tesla’s board chairman, but was otherwise relatively unscathed.
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