NIKOLA CORPORATION

(NKLA)
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Delayed Nasdaq  -  04:00 2022-08-05 pm EDT
8.050 USD   +1.26%
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Nikola founder asks judge to block evidence of 'wealth', 'lifestyle' in fraud case

06/21/2022 | 04:45pm EDT
FILE PHOTO: Trevor Milton, founder and former-CEO of Nikola Corp., exits court in New York City

(Reuters) - Trevor Milton, the billionaire founder and former chief executive of Nikola Corp has asked a federal judge to block evidence related to his "wealth, lifestyle or spending habits" at his trial for fraud charges.

A court filing from Monday showed that Milton's lawyers told U.S. District Judge Edgardo Ramos that details of Milton's wealth were "unfairly prejudicial" and could mislead the jury.

U.S. prosecutors have criminally charged Milton with defrauding investors by lying to them about Nikola, the Phoenix-based electric truck maker he founded in 2014.

Prosecutors say he wrongly claimed that Nikola had built an electric- and hydrogen-powered pickup from the "ground up", developed batteries he knew the company was buying elsewhere, and that the company was making progress on a truck prototype he knew did not work.

Milton also targeted retail investors with a public relations blitz of social media posts as well as television and podcast interviews to drive up Nikola's stock price, authorities alleged.

His lawyers on Monday also filed to exclude evidence of retail investors' circumstances during the COVID-19 pandemic, saying those circumstances did not affect whether or not Milton committed securities or wire fraud.

Nikola declined to comment on Milton's court filing.

Judge Ramos in November last year had rejected Milton's claim that he should not have been indicted https://www.reuters.com/business/autos-transportation/us-charges-nikola-founder-trevor-milton-with-lying-investors-2021-07-29 in New York for securities and wire fraud because his alleged lies were in Arizona and Utah, where he lives, and the case belonged there if at all.

The company's share price has fallen more than 90% from its June 2020 record high.

(Reporting by Uday Sampath in Bengaluru; Editing by Vinay Dwivedi)


© Reuters 2022
All news about NIKOLA CORPORATION
08/05NIKOLA CORP : Submission of Matters to a Vote of Security Holders (form 8-K)
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08/05Nikola Turns in 'Solid' Q2, But Supply Chain Issues to Weigh on Margins in H2, Wedbush ..
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Analyst Recommendations on NIKOLA CORPORATION
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Financials (USD)
Sales 2022 107 M - -
Net income 2022 -802 M - -
Net cash 2022 222 M - -
P/E ratio 2022 -4,55x
Yield 2022 -
Capitalization 3 489 M 3 489 M -
EV / Sales 2022 30,6x
EV / Sales 2023 5,16x
Nbr of Employees 900
Free-Float 60,0%
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Mean consensus HOLD
Number of Analysts 7
Last Close Price 8,05 $
Average target price 9,58 $
Spread / Average Target 19,0%
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Managers and Directors
Mark A. Russell President, Chief Executive Officer & Director
Kim J. Brady Chief Financial Officer
Stephen J. Girsky Chairman
Dane Davis Chief Technology Officer
Isaac Sloan Chief Information Officer & Software Architect
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