Why Nikola Stock Plummeted Today
Nikola (NASDAQ: NKLA) stock lost ground again in Monday's daily trading session. The company's share price ended the daily session down 9.9%, according to data from S&P Global Market Intelligence.
Nikola stock saw big sell-offs today on the heels of news that the company's founder Trevor Milton had been sentenced to four years in prison for defrauding investors. The electric vehicle specialist's share price has fallen roughly 46% year to date, and it trades down 99% from its lifetime high.
In a court ruling issued today, Milton was convicted of defrauding investors and sentenced to a four-year prison stay. Today's ruling follows Milton's 2022 conviction for two counts of wire fraud and one count of securities fraud. Milton, who previously served as the company's CEO, was found guilty of deliberately misleading investors about the state of Nikola's electric vehicle development and overall business.
Source Fool.com
