(Bloomberg) -- Nikola Corp. shares slumped anew in U.S. pre-market trading, adding to last week's plunge that was triggered by a short seller who said the electric-truck company was deceiving investors about its technology.
The stock dropped 13% to $27.85 at 5:48 a.m. New York time. In roller-coaster trading last week, Nikola surged 41% on Tuesday after it announced a partnership with General Motors Co., only to tumble in subsequent days when Hindenburg Research released a report detailing what it called “dozens of lies” about the company's capabilities, partnerships or products.
Nikola's shares have tumbled 24% since the Hindenburg report, which, among other sources, cited a Bloomberg story from June about the company exaggerating the capabilities of a truck. Its slump over the last three sessions was 36%. Nikola said the allegations by Hindenburg are false and that it was working on a detailed rebuttal.
READ: Nikola's History of Discrepancies Has Been in Plain Sight
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