"Congrats to Hindenburg for exposing what appears to be a total fraud with $NKLA. Citron will cover half of all legal expenses. You can't SLAPP the truth away.  Explains why Milton sold at $10 this June  $NKLA response warrants an SEC investigation to maintain integrity of EV mkt."

The news sent NKLA stock to fresh session lows, crashing as much as 13% to $32, as investors start asking if GM's latest $2 billion "investment" wasn't the biggest corporate dupe of the decade.

Update 0846AM EST: Nikola has published a brief response to yesterday's almost 100 page report by Hindenburg Research on Friday morning. A press release, which does not debunk individual points of the report, simply says the company will refute allegations, then mentions that Nikola hired a law firm and will bring the actions of the short seller to the SEC:

"Yesterday, an activist short-seller whose motivation is to manipulate the market and profit from a manufactured decline in our stock price published a so-called "report" replete with misleading information and salacious accusations directed at our founder and executive chairman. To be clear, this was not a research report and it is not accurate. This was a hit job for short sale profit driven by greed.

We have nothing to hide and we will refute these allegations. They have already taken up more time and attention than they deserve. We have retained leading law firm Kirkland & Ellis LLP to evaluate potential legal recourse, including with respect to the activist short seller and any others acting in concert.