Canada Markets closed
  • S&P/TSX

    20,633.27
    -128.76 (-0.62%)
     
  • S&P 500

    4,538.43
    -38.67 (-0.84%)
     
  • DOW

    34,580.08
    -59.71 (-0.17%)
     
  • CAD/USD

    0.7786
    -0.0022 (-0.2826%)
     
  • CRUDE OIL

    66.22
    -0.28 (-0.42%)
     
  • BTC-CAD

    69,071.66
    -4,085.49 (-5.58%)
     
  • CMC Crypto 200

    1,367.14
    -74.62 (-5.18%)
     
  • GOLD FUTURES

    1,782.10
    +21.40 (+1.22%)
     
  • RUSSELL 2000

    2,159.31
    -47.02 (-2.13%)
     
  • 10-Yr Bond

    1.3430
    -0.1050 (-7.25%)
     
  • NASDAQ

    15,085.47
    -295.85 (-1.92%)
     
  • VOLATILITY

    30.67
    +2.72 (+9.73%)
     
  • FTSE

    7,122.32
    -6.89 (-0.10%)
     
  • NIKKEI 225

    28,029.57
    +276.20 (+1.00%)
     
  • CAD/EUR

    0.6878
    -0.0027 (-0.39%)
     

Workhorse discloses DoJ, SEC probe related to USPS contract

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Nov 8 (Reuters) - Electric van-maker Workhorse Group said on Monday it was being investigated by the U.S. Department of Justice and the U.S. Securities and Exchange Commission related to trading in the company's securities leading up to the award of a U.S. Postal Service (USPS) contract.

While Workhorse was orally informed of the DoJ investigation on Nov. 5, the company had received SEC's letters in mid-October and earlier this month seeking information related to the issue.

Workhorse disclosed the investigations in a regulatory filing, adding that it has not received any subpoena or request for documents from the DoJ. (https://bit.ly/2YqXzil)

In June, Workhorse had challenged a decision by the U.S. Postal Service earlier this year to award a multibillion-dollar, 10-year contract to Oshkosh Defense to manufacture a new generation of postal delivery vehicles.

The company is also amid a management rejig with two of its top executives, including finance chief Steve Schrader, leaving the company in late September. (Reporting by Akash Sriram in Bengaluru; Editing by Shailesh Kuber)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting