About us. This does not do us much good buy an eye for an eye. Hindenburg adds that investor confidence in Lordstown is built on Burns' boasts of 100,000 preorders for his upcoming electric truck--but argues that the "preorders" are nonbinding letters of intent, some dating from Burns' Workhorse days, which he coerced people to sign and is now misrepresenting. Hindenburg Research makes serious allegations about Nikola—but serious claims demand serious evidence. But it seems we won't be seeing a reliable Endurance on the road anytime soon. The famous German airship known as the Hindenburg became one of history's most prevalent images of disaster when it burst into flames while making a … Since short selling always bets on profiting from sinking share prices—does that mean Hindenburg’s research report be trusted? level 1. That’s correct, Tesla, Inc. (TSLA), which inspired Nikola’s business model and its name. A fresh take on sports: the biggest news and most entertaining lists. GET OUR LATEST REPORTS DELIVERED TO YOUR INBOX. SPAC product Clover Health (NASDAQ: CLOV) has found itself in a long winded back-and-forth with a renegade short seller on a mission, and the market doesn’t know quite what to do about it. Hindenburg Research said Ebang International is a "yet another crypto China hustle" taking US investors' cash in a report on Tuesday. Nikola issued a statement last week that called Hindenburg’s report “false and defamatory.” The company admitted that the truck in the video, which was produced by a third party, was indeed rolling down a hill—and added that the company had not claimed the truck was, at that time, “under its own propulsion.”. General Motors-backed EV startup Lordstown Motors has been accused of fabricating some of the 100,000 preorders for its forthcoming Endurance … When hub motors are mounted at the wheel, simply running over a curb could destroy one of the costly components. Just before Ackman’s accusations against Herbalife, the company was priced at $23.40 a share. Hindenburg's report is an extensive document featuring serious allegations of Lordstown's fraud. However, all information contained herein is provided “as is” and Hindenburg Research, LLC (“Hindenburg”) expressly disclaims making any express or implied warranties with respect to the fitness of the information contained herein for any particular … Ebang did not respond to CoinDesk’s request for comment by press time. A YouTube video from July 8, 2020 posted by the company shows a Nikola Two Truck driving around in what appears to be a parking lot. Burns' response, published as an interview in the Wall Street Journal, attempts to correct Hindenburg's "half-truths." Where do short … If four years of R&D had resulted in a production-ready vehicle currently undergoing final crash tests, Burns' September 2021 delivery date might be believable. Burns' promises to put the people of Lordstown, Ohio back to work during a campaign year caught the attention of the press--and President Trump. To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or … Short sellers then wait for the stock to drop in value, buy back the shares at a lower price and return them to the lender. Previously, I covered personal finance at other national web publications including Bankrate and The Penny Hoarder. Both companies pay homage to the eccentric 20th century inventor, Nikola Tesla. Presently, employees are hand-assembling batteries for the trucks. The company has attracted glowing press coverage of its plans to transform auto manufacturing, build a network of hydrogen fueling stations and shrink the carbon footprint of auto transportation in the U.S. Is The Tesla Cybertruck Too Good To Be True? The Workhorse-era prototypes appear to no longer run. 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Hindenburg Research is a small but effective firm that provides information for investors considering buying into--or betting against--emerging companies. Hindenburg Research makes serious allegations about Nikola—but serious claims demand serious evidence. Hindenburg Investment Research Save Changes Cancel Founded by Nate Anderson, CFA, CAIA, Hindenburg Investment Research specializes in forensic research and activist short-selling. Until an official, full-length investigation is completed by the SEC, it’s hard to determine if Nikola is the next Theranos, or if Hindenburg’s accusations are more in the interest of the investing public or its own pocketbook. Sources: Hindenburg Research, The Wallstreet Journal. Hindenburg Research points out that since Burns' time at Workhorse, his electric truck project has been plagued by delays. “The focus should be on the Company and its world-changing mission, not me,” Milton tweeted (Milton’s Twitter account has been since been made private). But former employee accounts suggest Burns' cost-cutting attempts have resulted in the use of cheap, dangerous components. On December 1, 2016, Nikola unveiled its prototype electric semi-truck, the Nikola One. Ormat: Dirty Dealings in ‘Clean’ Energy . Electric Chevrolet Silverado Officially Announced. Its work has led to Securities and Exchange Commission investigations, the expulsion of executives and, on Friday, claims that Lordstown Motors Corp. has misrepresented its preorder numbers and readiness for production. Would A Tax Credit Get You Out Of Your Car And Onto An E-Bike. The Hindenburg was a 245-metre- (804-foot-) long airship of conventional zeppelin design that was launched at Friedrichshafen, Germany, in March 1936. Regardless, the Department of Justice is now looking into Nikola in response to Hindenburg’s claims, according to a separate report by the Financial Times. Investors haven’t been able to get enough of the story. “We are not trying to sell trucks, we are trying to sell hydrogen,” Ubben told the Financial Times. A former employee told Hindenburg research that Burns chose his motor supplier because "it was cheap." Burns guarantees that driving the Endurance 400,000 miles in eight years will cost less than $20,000--which includes the cost of both electricity and repairs! The company claims it will back these numbers up with an 8-year motor and battery warranty. The company also highlights that it has made much progress in the intervening two years. YOUNGSTOWN, Ohio – Hindenburg Research is characterized by its founder as less of a short seller and more a team of investigative reporters looking into stock market malfeasance. Nostalgic optimist: Passionate about the preservation of vintage cars & also believes the golden age of the automobile has yet to arrive! The company’s shares are down another 30% or so after Milton announced his resignation. Then in early 2018, he said twice that he would be going into production by the end of the year. Hindenburg Research reports that Lordstown asked multiple companies to make Endurance reservations without any intention actually to buy any of them. I'm a Personal Finance Reporter for Forbes Advisor. Other vehicle manufactures have been attracted to the simplicity of hub motors but even Tesla has been unable to commercialize the technology in the light vehicle market. Will Someone Who's Six-Foot-Seven Fit Into The 2021 Ford Bronco? In its report, Hindenburg said Lordstown is a company “with no revenue and no sellable product, which we believe has misled investors on both its demand and production capabilities.” Short-seller Hindenburg Research said on Tuesday it was going short on Chinese bitcoin mining machine producer Ebang International Holdings Inc. Ebang did not immediately respond to … I'm a Personal Finance Reporter for Forbes Advisor. Hindenburg are mentioned on page 45 of that PDF by the way - Clarity Spring has admitted to knowing or doing business with him, and they appear to be sharing a lawyer. Published on March 1, … The firm generates public reports via its website that allege fraud and malfeasance. Previously, I covered personal finance at other national web publications including Bankrate and The Penny Hoarder. Nikola Corp, formerly known as Nikola Motor Company, staked its future on building zero-emissions vehicles that run on lithium batteries and hydrogen fuel cells. The company’s stock plunged 20% after Ackman betted against it. It is no surprise that the evolving Endurance truck has been in design for over four years. Take Nikola Corporation (NKLA), the hot auto manufacturing start-up that is promising investors it can transform the transportation industry and help save the world from climate change. Ackman spent tons of money investigating the company, and claimed it was an illicit pyramid scheme rather than a multi-level marketing operation. The Securities and Exchange Commission (SEC) is also in early stages of investigating Hindenburg’s claims, and Nikola’s rebuttal that the firm is engaging in market manipulation of its stock. this stock is a classic pump and dump. Engineering, designing, and testing a vehicle is a years-long process. And today, eight years after Ackman launched his short-selling crusade, Herbalife trades at $48.34 a share. There were some false signals in 2004, but it was a near-perfect indicator before the crash in 2008. Use of Hindenburg Research, LLC’s research is at your own risk. Hindenburg Research is not registered as an investment advisor in the United States or have similar registration in any other jurisdiction. “There will be zero question about the legitimacy of Nikola after this video.”. Short selling is when an investor borrows shares of stock, sells the shares and pockets the profits. August 1934 auf Gut Neudeck, Ostpreußen) war ein deutscher Generalfeldmarschall und Politiker. Unfortunately, we won't be seeing the Endurance anytime soon. It can be so deceptive that the SEC introduced Regulation SHO in 2005 to regulate short sales and prevent unethical short selling practices. Tweet. Report Save. Hindenburg Research, a financial research firm renown for taking short positions on stocks, alleges the company has misled investors through public statements related to demand and production. Follow me on Twitter at @keywordkelly. Nikola’s market cap more than doubled to $30 billion the week following its June Nasdaq debut, by way of a reverse merger with special purpose acquisition company VectorIQ. Last week, short seller Hindenburg Research swooped in with a new “forensic research report” that made harsh accusations of fraud against Nikola, claiming its promises were an “intricate fraud.”, The fallout from Hindenburg’s report forced Nikola’s founder, Trevor Milton, to resign from his role as executive chairman and board member on September 20. RELATED: Here's What Nikola Trucks May Mean For The Future. We also spoke with multiple new moms who wrongly believed they were donating their birthing tissue to purely non-profit causes such as research … Jeff Ubben, a Nikola board member and early investor in the company, has fiercely defended the company from Hindenburg’s accusations. The firm slapped a … The findings were grim: Lordstown has yet to build 10 prototypes. Investing in start-ups that might not have actual products yet can be risky, too. Founded by Nate Anderson, CFA, CAIA, Hindenburg Research specializes in forensic financial research. Though Hindenburg claims it has actual receipts of Nikola being fraudulent and deceptive, remember that Hindenburg’s primary aim is to profit from Nikola’s share losses by shorting the stock. Elaphe's motors--manufactured in Slovenia and Hangzhou, China--have been passed up for use in other production vehicles and by 2019, the company had been forced into a round of layoffs. Founded by Nate Anderson, CFA, CAIA, Hindenburg Research specializes in forensic research. The firm published a report titled "The Lordstown Motors Mirage," alleging that CEO Steve Burns was forced out of Workhorse Group for wasting money and missing deadlines before founding Lordstown. Here's Everything We Know About The Stylish Hyundai Staria, Rapper Crashes His Dodge Charger SRT Hellcat During Music Video Shoot, Viper Shield EW In Development For F-16s To Combat Electronic Threats, Here's Everything We Know About The Aprilia Tuareg 660, A Look At Richard Rawlings' 1968 Shelby GT350 He Got From A Divorce And More From His Private Collection, Here's Everything We Know About The 2022 Honda Ridgeline. Then a final vehicle must pass government regulations, sometimes requiring further refinement. The partnership announcement sent shares of NKLA up another 40%. To the best of our ability and belief, all information contained herein is accurate and reliable. In January 2021 the company "switched from a plastic exterior to aluminum," a shift which will require new testing processes and manufacturing systems. Im Ersten Weltkrieg übte die von ihm geführte Oberste Heeresleitung von 1916 bis 1918 quasi diktatorisch die Regierungsgewalt aus. Another insider added that the price Lordstown was offered was "crazy." Ubben says Nikola and Milton are “misunderstood,” and added an unusually abstract explanation of the company. 8 months ago. RELATED: Will People Actually Buy Electric Pickup Trucks? Another challenge is that hub motors are subjected to all the liquid and mud that splashes up from the road or trail surface. Automotive journalist. I've been featured as a personal finance expert in outlets like CNBC, Yahoo! In March 2021, Hindenburg Research turned its attention to Lordstown Motors Corporation: an Ohio-based EV startup. Clover Health Versus Hindenburg Research February 13, 2021 8:30 AM February 12, 2021 5:52 PM Braden Maccke 0 Comments Clover Health, Hindenburg Research. Can The Nissan Patrol NISMO Beat The Toyota Sequoia? The Lordstown Motor Company advertises the Endurance as a dependable, American-built truck that will last forever. © 2021 Forbes Media LLC. Some sockpupetting may have … Hindenburg Research is not registered as an investment advisor in the United States or have similar registration in any other jurisdiction. Hindenburg Research on Aphria Here is the article . Lordstown claims much of its 600-HP all-electric pickup truck's superior performance and reliability will be due to its "revolutionary" in-wheel hub motors. We expect simpler electric drivetrains will lead to some of the most durable vehicles in history--and welcome any car or truck that lasts longer and saves people money. News on all your favorite celebs, reality TV, and movies. Hindenburg Research is not registered as an investment advisor in the United States or have similar registration in any other jurisdiction. Our experience in the investment management industry spans over a decade, with a historical focus on equity, credit, and derivatives analysis. Hindenburg Research says Ebang International is inflating volume metrics for its crypto exchange and exaggerating bitcoin mining machine sales. In 2019, the SEC charged Herbalife $20 million for misleading investors. To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or … Burns has no battery patents and hopes to copy Tesla batteries. Cybertruck Camper Turns The Tesla Pickup Into A Transformer, Here's How The 2021 Ural Gear Up Stands Against Off-Roading Competition, Here's How Much A 1967 Mustang Fastback Is Worth Today, 2022 Kia Stinger: Everything We Know So Far, Here's Everything We Know About The 2022 BMW iX xDrive 50, 1-Of-12 1971 Plymouth Hemi Cuda Convertible Heads To Mecum's. Share . Published on March 12, 2021 March 12, 2021 Read Report. Today, according to Nikola, it has plenty of operating prototypes. The bad news arrived this month, in the form of a bombshell report from Hindenburg Research, which describes itself as a specialist in “forensic financial research.” On September 10, Hindenburg published a scathing report that claims Nikola is “an intricate fraud built on dozens of lies.”, The report also took shots at Nikola founder Milton, claiming that he has made multiple false claims about “proprietary technology” that “doesn’t exist.”. In January 2018, the company released a short promotional video of the Nikola One truck driving along a desert highway. Hindenburg Research is not registered as an investment advisor in the United States or have similar registration in any other jurisdiction. Incredibly risky, Too that allege fraud and malfeasance considering buying into or... Going into production by the end of the is hindenburg research reliable buy electric Pickup?... 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