Shares of Lordstown Motors Corp fell as considerably as 23% on Friday following Hindenburg Study took a shorter position on the electrical-pickup-truck maker’s stock.

Lordstown is an electric powered motor vehicle SPAC with no revenue and no sellable product, which we believe has misled buyers on the two its desire and generation capabilities,” Hindenburg stated.

Lordstown explained in January it had obtained much more than 100,000 non-binding creation reservations from professional fleets for its electric truck.

“Our conversations with former workforce, enterprise partners and an in depth document critique demonstrate that the company’s orders are largely fictitious and utilised as a prop to elevate cash and confer legitimacy,” Hindenburg reported on Friday.

Steve Burns, CEO of Lordstown, stated in a text information to Bloomberg that “we constantly said that pre-orders ended up non-binding. That is what pre-orders are.”

Burns denied the allegations made in Hindenburg’s report. Lordstown explained it will offer a thorough reaction in coming days, likely at its March 17 earnings report, its initially as a general public corporation.

In reaction to an assertion built in the report that output is 3 to four several years off, Burns reported: “We are on observe for betas this month and start off of output in September. Any statement to the contrary is a lie.”

The brief vendor also took purpose at Nikola Corp in September, accusing the electric-truck maker of fraud, top to the resignation of its founder, Trevor Milton. Nikola had publicly rejected all accusations.

In February, on the other hand, Nikola disclosed that the firm and Milton had built numerous statements that ended up partially or entirely inaccurate, just after an inner assessment.

Pursuing Hindenburg’s accusations, Common Motors and Nikola in November declared a reworked arrangement on a fuel-mobile partnership, making it possible for the automaker to back out of having a proposed fairness stake in the startup.

Lordstown‘s shares closed down 16.5% at $14.78. 

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Hindenburg, which accused Nikola, now does the same to Lordstown Motors