U.S. SEC opens investigation into Ohio EV Company Workhorse Group, report says


The United States Securities and Exchange Commission has opened an investigation into Ohio 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 law enforcement division had investigated Workhorse, the report says, adding that the letter did not mention the subject of the investigation and offered no further details.

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

In February, the U.S. Postal Service announced it would award a 10-year, multibillion-dollar contract to Oshkosh Defense to manufacture a new generation of postal delivery vehicles. Workaholic group filed a court challenge in June at the decision of the USPS.

Lordstown in june announced the sudden departure of its founder and former top boss Steve Burns after an internal investigation into claims by short seller Hindenburg Research that the startup has overstated the viability of its technology and misled investors about production plans.

Burns was also the former CEO of Workhorse.

Lordstown has also come under scrutiny from federal prosecutors in Manhattan and the SEC over its merger with a blank check company and has already made statements about preorders of its vehicles.

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