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SEC opens investigation of electricity company Workhorse Group



(Reuters) – The US Securities and Exchange Commission has opened an investigation into electric vehicle maker Workhorse Group Inc., an early investor in Lordstown Motors Corp., the Wall Street Journal reported Wednesday.

The securities regulator revealed in a letter that its enforcement department had investigated Workhorse, the report said, adding that the letter did not mention what the probe was about and did not provide any further details.

Workhorse and the SEC did not immediately respond to Reuters' requests for comment.

In June, Workhorse challenged a decision by the US Postal Service earlier this year to award Oshkosh Defense a multi-billion dollar contract to manufacture a new generation of mail vans.

A few months ago, Lordstown announced the sudden resignation of its founder and former CEO Steve Burns following an internal investigation into short-seller Hindenburg Research's claims that the startup overestimated the viability of the technology and misled investors about production plans.

Mr. Burns was also a former CEO of Workhorse.

Lordstown has also faced scrutiny from federal prosecutors in Manhattan and the SEC regarding its merger with a blank check company and has previously made statements about pre-orders for its vehicles.

In July, the SEC and US prosecutors accused Trevor Milton, former CEO of EV company Nikola Corp., of deceiving investors by lying to them about the company.

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