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UPDATE 1-U.S. SEC opens probe into EV company Workhorse Group - WSJ

reuters.com · 09/01/2021 13:50
UPDATE 1-U.S. SEC opens probe into EV company Workhorse Group - WSJ

Adds details from the report

- The U.S. Securities and Exchange Commission (SEC) has opened a probe into electric vehicle maker Workhorse Group Inc WKHS, an early investor in Lordstown Motors Corp RIDE, the Wall Street Journal reported on Wednesday.

The securities regulator disclosed in a letter that its enforcement division had been investigating Workhorse, the report said, adding that the letter did not mention what the probe was about and did not offer any further details.

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

Shares of Workhorse were down nearly 4% at $9.42 in afternoon trade.

In February, the U.S. Postal Service (USPS) said it would award a multi-billion-dollar, 10-year contract, to Oshkosh Defense to manufacture a new generation of postal delivery vehicles. Workhorse Group filed a legal challenge in June to the USPS decision. nL1N2KT2OO nL2N2NY3BE



(Reporting by Akanksha Rana in Bengaluru; Editing by Vinay Dwivedi)

((akanksha.rana@thomsonreuters.com; ; Twitter: @AkankshaRanaa;))