Join The Class Action Suit
Company: Nikola Corporation
Class Period: March 3, 2020 — September 20, 2020
Court: U.S.D.C. – District of Arizona
Deadline: November 16, 2020
Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Nikola Corporation (“Nikola” or the “Company”) (NASDAQ: NKLA) on behalf of investors who purchased shares of Nikola’s stock between March 3, 2020 and September 20, 2020, inclusive (the “Class Period”).
As detailed in the complaint, on September 10, 2020, Hindenburg Research published a report describing, among other things, how: (i) the Company claims to design key components in house, but they appear to simply be buying or licensing them from third-parties; (ii) the Company has not produced hydrogen; (iii) a spokesman for Powercell AB, a hydrogen fuel cell technology company that formerly partnered with Nikola, called Nikola’s battery and hydrogen fuel cell claims “hot air”; (iv) Nikola staged a “test” video for its Nikola Two; (v) some of Nikola’s team, including Defendant Milton, are not experts and do not have relevant experience; and (vi) Nikola did not have five Tre trucks completed.
Following this news, shares of Nikola’s stock fell $10.24 per share, or 24% in value, over two trading days, to close at $32.13 per share on September 11, 2020.
Subsequently, on September 14, 2020, Bloomberg published an article reporting that the U.S. Securities and Exchange Commission “is examining Nikola Corp. to assess the merits of a short-seller’s allegations that the electric-truck maker deceived investors about its business prospects.
IMPORTANT DEADLINE: Investors who purchased Nikola’s securities during the Class Period may, no later than November 16, 2020, seek to be appointed as a lead plaintiff representative in the action.
Investors who purchased Nikola’s securities during the Class Period and suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by completing the information form on this page, for additional information about this action and to discuss their legal rights and options.
Kaskela Law represents current and former shareholders of publicly traded corporations in securities fraud class actions, shareholder derivative actions, and merger & acquisition litigation. The firm exclusively litigates cases on behalf of investors on a contingency basis – advancing all costs and fees until the successful resolution of a case.