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Workhorse’s Revenue Recognition Under SEC Scrutiny
EV firm reveals the SEC is looking into certain sales reported by the company.
August 13, 2022
Workhorse Group (WKHS), an electric vehicle and drone designer, has been under investigation by the SEC and DOJ since its losing bid to supply the United Postal Service with new delivery vehicles. The company’s revenue recognition practices, in part, are under scrutiny. In its latest quarterly filing, Workhorse inserted new language indicating the SEC is particularly interested in how it accounted for sales:
“On May 9, 2022, the Company received a letter from the SEC requesting that it voluntarily provide information relating to certain customer sales and customer complaints.”
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