Written by Cláudio Afonso | LinkedIn | X
In an escalation of his ongoing legal battles, Trevor Milton, the founder of the electric vehicle startup Nikola Corporation, announced via social media that he has filed a multibillion-dollar derivative and malpractice lawsuit. The lawsuit targets the company’s directors and Chief Legal Officer Britton Worthen.
Milton, who stepped down as chairman in 2020 amid allegations of fraud, asserted in his post that the controversial video showing a Nikola truck rolling down a hill—purportedly to falsely demonstrate its functionality—was orchestrated by Worthen.
He claims that Worthen wrote, approved, and ordered the distribution of the video, contrary to the company’s narrative that Milton was responsible.
“Just filed a multi billion dollar derivative and malpractice lawsuit against Nikola motor company’s directors and chief legal officer Britton Worthen. GET READY! Turns out the video of the truck rolling down the hill was actually written, approved and ordered distributed by Britton Worth and not me!,” the founder wrote on Linkedin.
Milton also stated that a whistle blower “will testify under oath that Britton Worthen directed him to post the video and not me”.
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“The truth finally comes out! They lied to the government and covered up his wrongdoing. A whistle blower will testify under oath that Britton Worthen directed him to post the video and not me,” he stated.
We also found testimony and evidence the company destroyed employee statements and evidence that showed I didn’t do what the company fraudulently claimed I did – which resulted in an indictment.
We also found evidence that the company instructed witnesses to make up stories about me so they could create a narrative that the government wanted to see. Then provided false information to the SEC and DOJ to get me indicted. […] is wrong with our country. Go see the lawsuits. They got filed today.
Both electric vehicle companies Nikola and Workhorse will be removed from the Russell 3000 Index, according to the official preliminary list of additions and deletions posted by FTSE Russell.
The Russell 3000 Index measures the performance of the 3,000 largest publicly traded companies in the U.S. by market capitalization.
A few minutes after the market close on Wednesday, Nikola announced on X that the shareholders approved all proposals including the controversial reverse stock split. As of the time of writing, the stock price of the manufacturer is trading 6 percent lower following the news.
Nikola has recently published its financial results for the first quarter of year reporting a decline in total revenues and a non-GAAP net loss per share of $0.09. The company produced 43 trucks in the first quarter of which 40 were shipped.
Written by Cláudio Afonso | LinkedIn | X
