Convicted Nikola founder Milton owes electric truck maker $168 million, judge rules [Yahoo! Finance Canada]
Nikola Corporation (NKLA)
Company Research
Source: Yahoo! Finance Canada
By Jonathan Stempel (Reuters) - A U.S. judge said Trevor Milton, the Nikola founder who was sentenced to four years in prison after being convicted of fraud, must pay the electric truck maker $167.7 million for making false and misleading statements about the company to the public. In a decision on Monday, U.S. District Judge Diane Humetewa in Phoenix upheld a divided arbitration panel's November 2023 award in Nikola's favor. Humetewa said the panel acted within its authority in interpreting a separation agreement that Milton entered when he resigned as Nikola chief executive in September 2020. The panel found Milton liable to pay $121.25 million, or 97%, of Nikola's $125 million fine from settling a U.S. Securities and Exchange Commission civil fraud case, and to cover nearly $46.5 million in legal fees and expenses. Milton, 42, argued that the award was excessive and amounted to "rough justice" because the panel ignored the "relative fault" of other Nikola executives, dir
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NKLA
News
- Nikola Co. (NASDAQ: NKLA) had its price target lowered by analysts at DA Davidson from $12.00 to $4.00. They now have a "neutral" rating on the stock.MarketBeat
- Nikola Co. (NASDAQ: NKLA) was downgraded by analysts at Bryan, Garnier & Co from a "buy" rating to a "neutral" rating.MarketBeat
- Nikola Co. (NASDAQ: NKLA) had its price target lowered by analysts at TD Cowen from $10.00 to $4.00. They now have a "hold" rating on the stock.MarketBeat
- Nikola Co. (NASDAQ: NKLA) had its price target lowered by analysts at Robert W. Baird from $14.00 to $10.00. They now have an "outperform" rating on the stock.MarketBeat
- Nikola (NKLA) Q3 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
NKLA
Earnings
- 5/7/24 - Miss
NKLA
Sec Filings
- 11/22/24 - Form 424B3
- 11/22/24 - Form 424B3
- 11/21/24 - Form 8-K
- NKLA's page on the SEC website