Report: Justice Department investigating Workhorse

Local News
Workhorse pickup truck

LORDSTOWN, Ohio (WKBN) – The Justice Department is investigating the electric vehicle company Workhorse, the Wall Street Journal reports, citing documents that it says it reviewed.

The Wall Street Journal says both the company and the Manhattan U.S. attorney’s office have both declined to comment on the probe.

Workhorse is the Cincinnati-based electric vehicle company out of which Lordstown Motors was created. In August, the company reported selling 12 million shares of LMC stock, or roughly three-quarters of its stake.

Workhorse and Lordstown Motors are already being investigated by the U.S. Securities and Exchange Commission after a report by short-seller Hindenburg Research.

Hindenburg called Lordstown Motors a company with no revenue and no sellable product that has misled investors.

Taiwan-based Hon Hai Technology Group (Foxconn) has since reached an agreement in principle with Lordstown Motors to work jointly on electric vehicle programs at the Lordstown Motors plant.

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