Workhorse Group Inc. (NASDAQ:WKHS) shares are trading lower after Dow Jones reported the SEC has opened an investigation into the company.
Fuzzy Panda Research also issued a note indicating the company has an active SEC investigation uncovered, revenue recognition fraud was indicated by a customer and a fake order book with orders from undisclosed related parties.
Fuzzy Panda also noted the new C-1000 electric vehicles do not work well and that drivers have been complaining about the lack of performance.
Workhorse Group is a technology company that designs, manufactures, builds, and sells battery-electric vehicles and aircraft in the United States.
Workhorse's stock was trading about 4.% lower at $9.36 per share on Tuesday at the time of publication. The stock has a 52-week high of $42.96 and a 52-week low of $7.07.