Electric Car Company Sues Media Outlet over Bad Press
Blames it for struggles with investors
A fledgling electric car company founded by Virginia gubernatorial candidate Terry McAuliffe has sued Watchdog.org following an investigation highlighting the automaker's use of a controversial government "cash-for-visas" immigration program.
GreenTech Automotive Inc. blames Watchdog for an alleged $85-million loss after publication of two articles detailing the woes of the government immigration program, called EB-5. In one article, a financial expert criticized the EB-5 program as "a fraud." EB-5 has repeatedly come under fire for lax oversight. An Illinois program was recently the subject of a Securities and Exchange Commission probe.
The EB-5 program was created in 1990, and offers green cards to foreign nationals who invest at least $500,000 in U.S. companies to create 10 or more jobs.