The United States is again to reject the case against the former CEO of Nicolas

By Mrinay Dey

(Reuters) -The US Securities and Stock Exchange Committee moved on Thursday to reject its case again Trevor Milton, the founder and former CEO of Nicolas, a company that has sought to make hydrogen electric trucks.

In this case, it was introduced in 2021, American prosecutors accused Milton of falsely claiming that Nicolas built a electricity -pick up with hydrogen from scratch and developed batteries at home with its external intentions.

In a document submitted to the United States Court, boycotting the southern region of New York on Thursday, the Supreme Education Council stated that it believes that the case rejects the case.

Milton, who obtained an amnesty from the American president Donald Trump This year, he also waived his right to search for legal costs and issued all claims against the agency.

Nicolas shares decreased after Hindenburg Research, a precedent for the short seller, targeted the company in 2020, accused of deceiving investors about its technological progress.

He challenged a video produced by Nicolas displaying his rocking electric truck at a high speed, in fact the car was wrapped under a hill.

Milton, who founded Phoenix in 2014, resigned shortly after the report. Two years later, in October 2022, he was convicted of securities fraud and two charges of fraud in wires.

In 2023, the Milton jury condemned to mislead investors about the company’s technology, which led to a four -year prison sentence.

In February, Nicolas became the latest maker of the electric cars that stumbled, as it was submitted to bankruptcy of Chapter 11 and announcing plans to sell its assets.

(Participated in the reports of Mriny Dey in Bangaluru; Tahrir by Edwina Gibbs)