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Workhorse Slumps on Report Justice Department is Probing EV-Maker -Breaking

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – Workhorse stock (NASDAQ:) plunged 10% Friday on a report in The Wall Street Journal that the Department of Justice has opened an investigation into the startup electric van maker.

The WSJ report said the documents didn’t reveal the focus of the inquiry being conducted by the U.S. attorney’s office in Manhattan.

A separate investigation is underway by the U.S Securities and Exchange Commission. This was reported previously by The Journal. The report stated that Workhorse had notified the SEC regarding misstatements made to safety regulators.

Workhorse abruptly replaced Duane Hughes, its CEO in July with Richard F. Dauch. It made announcements in September about senior leadership positions.

On the back of the meme stock rally the Workhorse stock experienced a spectacular rise, reaching a record $42.94 on Feb 4, from $1.32 on March 2020. Now, it trades for $6.50.

It will announce its third-quarter results Tuesday.

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