Nikola Founder Continues Dumping Stock Following Criminal Indictment
Nikola Corp. founder, Trevor Milton, has been offloading stock ever since he was indicted for making misleading and/or blatantly false statements about the company. The formal charges were issued in July, piggybacking off a critically damning report from 2020 that alleged Nikola had grotesquely misrepresented its production capabilities and falsified a video where it showed an inoperable prototype vehicle working as if it was fully functional. The paper caught the attention of both the Securities and Exchange Commission (SEC) as well as the Department of Justice (DOJ) — resulting in Milton stepping down as CEO and twelve months of investigative probes.
Probing Continues at Volkswagen, Continental
German prosecutors have incorporated Continental into a probe aimed at determining whether Volkswagen Group cheated on emissions testing. While confessing to the crime in the United States years earlier is a fairly good indication of corporate guilt, Germany wants to make extra sure VW was in the wrong and has branched out its investigation to include suppliers that may have played a role.
On Wednesday, the automaker acknowledged it had been subjected to yet another probe after investigators arrived to comb through its offices. The same treatment was given to supplier Continental, which is suspected of having some sort of involvement in a scandal the automotive industry can’t quite seem to move on from.
Toyoda: Recalls Changed Thinking On Safety, Customer Focus
One day after Toyota agreed to pay a record $1.2 billion in a settlement with the U.S. Justice Department resolving a criminal probe into the automaker’s handling of a recall involving unintentional acceleration in its vehicles, president Akio Toyoda proclaimed the recalls changed Toyota for the better.