The report also stated that Workhorse was being sued by some shareholders in the company, which accuses them orchestrating its USPS as part of an insider trading scheme. In November 2021 it was reported that Workhorse faced a Department of Justice investigation as well as a SEC investigation that was first reported in a September 2021 report by shortselling research firm Fuzzy Panda who accused the company of fraud which was followed up by a Cincinnati Enquirer report which found that top Workhorse executives and board members sold off $60 million worth of stock and that part of the selling occurred following interactions with postal officials which signaled their USPS bid was in trouble. President and COO Duane Hughes became the new CEO of Workhorse. In February 2019, Steve Burns, co-founder of AMP Electric Vehicles and CEO of Workhorse decided to resign from the company. On January 4, 2016, the Company was approved by Nasdaq Capital Market and its common stock started being quoted on Nasdaq under the symbol “WKHS” (NASDAQ: WKHS). In 2015, AMP changed its company name to Workhorse Group Incorporated. In March 2013, AMP Electric Vehicles took over Workhorse Custom Chassis, LLC's assets and began offering a range of electric vehicles. Navistar then shuttered the plant in 2012 to cut costs after having suffered heavy losses. By 2005, they were taken over by Navistar International, which had been selling them diesel engines.
#Workhorse products series
Workhorse Custom Chassis, LLC was founded in 1998 by investors who took over the production of General Motors' P30/P32 series stepvan and motorhome chassis. 1.1 Lordstown Plant & Licensing Agreement.
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