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U.S. DoJ investigating electric vanmaker Workhorse -WSJ -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: After a New York press conference on December 5, 2013, the Department of Justice (DOJ logo) is seen hanging from a wall./File Photo

(Reuters) – The U.S. Department of Justice is investigating electric van manufacturer Workhorse Group, according to the Wall Street Journal, citing documents that were reviewed by the paper.

Report said that the investigation’s focus was not disclosed in documents. After the report, shares of the company fell 10.4% to $6.47.

The DoJ and Workhorse were unavailable for comment immediately.

According to a letter sent by the regulator and published in September by a seller, Workhorse is now under DoJ investigation.

Workhorse, an earlier investor in Lordstown Motors said the same month that the company would stop delivering its C-1000 electric van. They stated it required more modifications and tests to meet regulatory standards.

In addition, two top executives from the electric vehicle manufacturer, Steve Schrader (finance chief) and the finance chief, have left. The company also announced on September 30 that new hires had been made as part a management overhaul to help it achieve its commercial objectives.

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