Nikola?s founder steps down from board as company faces fraud allegations

Bloomberg reports the company’s shares fell 22 percent in US pre-market trading.“We remain committed to delivering on our objectives and creating value for our shareholders,” said Mark Russell, Nikola’s Chief Executive Officer.The electric truck startup has been under intense scrutiny after a report claimed the company had engaged in “lies and deception.” On September 10th, shortly after GM announced it would be taking an 11 percent stake in Nikola, short-selling firm Hindenburg Research released a report titled “Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America.” Hindenburg accused the company of exaggerating the progress of its technology, in particular claiming that the company had staged a video showing one of its trucks cruising down a hill.Nikola called the report “false and defamatory” and said that it contained “dozens” of inaccurate statements.