3/26/2023 0 Comments Workhorse van![]() ![]() ![]() He said Workhorse was cooperating with both the S.E.C. “At this point, we cannot predict the eventual scope, duration or outcome of these matters.” with respect to this investigation,” Workhorse’s chief executive, Rick Dauch, said on a conference call with financial analysts after the earnings announcement on Tuesday. ![]() “We have not received any subpoena or other request for further documents from the D.O.J. Of the Justice Department’s investigation, Workhorse said only that it was “related.” inquiry is related to trading in Workhorse stock before the announcement in February that it had failed to win a large contract from the United States Postal Service, a development that caused a steep drop in Workhorse shares. Workhorse said in a regulatory filing on Monday that it was being investigated by the Securities and Exchange Commission and the Justice Department. The company also reported negative revenue of $576,600 because it had to give customers refunds for vans that it was required to take back and modify in order to comply with federal safety standards. Workhorse Group, a small producer of electric vans that has come under investigation by federal authorities, on Tuesday reported a loss of $81 million for the three months ending in September as a result of rising operating costs and a production stoppage related to a recall. ![]()
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