Why Workhorse Shares Are Trading Lower Today

Workhorse Group Inc. 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.