Nikola Corporation (NKLA)


NIKOLA DEADLINE ALERT

Securities Litigation Partner James Wilson Encourages Investors Who Suffered Losses Exceeding $500,000 In Nikola Corporation To Contact Him Directly To Discuss Their Options

If you suffered losses exceeding $500,000 investing in Nikola stock or options between March 3, 2020 and September 20, 2020 and would like to discuss your legal rights, please fill out the form below. You can also call Faruqi & Faruqi partner James Wilson directly at 877-247-4292 or 212-983- 9330 (Ext. 1310).

There is no cost or obligation to you.

Faruqi & Faruqi, LLP, a leading minority and certified woman-owned national securities law firm, is investigating claims against Nikola Corporation (“Nikola” or the “Company”) (NASDAQ:NKLA) and reminds investors of the of the November 16, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) VectoIQ did not engage in proper due diligence regarding its merger with Nikola; (2) Nikola overstated its “in-house” design, manufacturing, and testing capabilities; (3) Nikola overstated its hydrogen production capabilities; (4) as a result, Nikola overstated its ability to lower the cost of hydrogen fuel; (5) Nikola founder and Executive Chairman, Trevor Milton, tweeted a misleading “test” video of the Company’s Nikola Two truck; (6) the work experience and background of key Nikola employees, including Mr. Milton, had been overstated and obfuscated; (7) Nikola did not have five Tre trucks completed; and (8) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. 

According to the suit, on September 10, 2020, before market hours, Hindenburg Research published a report describing, among other things, how: (1) the Company claims to design key components in house, but they appear to simply be buying or licensing them from third-parties; (2) the Company has not produced hydrogen; (3) 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”; (4) Nikola staged a “test” video for its Nikola Two; (5) some of Nikola’s team, including Defendant Milton, are not experts and do not have relevant experience; and (6) Nikola did not have five Tre trucks completed.

On this news, the Company’s stock price fell $10.24, or approximately 24%, over the next two trading sessions, to close at $32.13 per share on September 11, 2020. 

Then on September 14, 2020, after market hours, Bloomberg published an article entitled “SEC Examining Nikola Over Short Seller’s Fraud Allegations” which announced the SEC examination of Nikola stemming from the Hindenburg Report.

The next day, on September 15, 2020, before trading hours, Hindenburg Research published another report, focused on Nikola’s responses and nonresponses to the Hindenburg Report, entitled “We View Nikola’s Response As a Tacit Admission of Securities Fraud[.]” 
On this news, the Company’s stock price fell $2.96, or approximately 8%, over the trading day to close at $32.83 per share on September 15, 2020.

Then, late on September 20, 2020, Nikola issued a press release entitled “Nikola Board of Directors Announces Leadership Transition: Trevor Milton Steps Down as Executive Chairman; Stephen Girsky Appointed Chairman of the Board[.]”

On this news, the Company’s stock price fell further.  
 

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Nikola Corporation

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Details

Filed on 09/10/2020

Ticker NASDAQ:NKLA

Lead Plaintiff Deadline 11/16/2020

Office

685 Third Avenue 26th Floor

10017 New York, New York

Phone (212) 983-9330

Fax (212) 983-9331

Counsel

Robert W. Killorin rkillorin@faruqilaw.com Phone (404) 847-0617 Fax (404) 506-9534

James M. Wilson, Jr. jwilson@faruqilaw.com Phone (212) 983-9330 Fax (212) 983-9331

Finding us

Our Offices


Our offices are nationwide. If you have any questions about a case or our firm, please contact us.

New York

685 Third Avenue 26th Floor
New York, New York 10017
(212) 983-9330
(877) 247-4292
(212) 983-9331

California

10866 Wilshire Boulevard Suite 1470
Los Angeles, California 90024
(424) 256-2884
(424) 256-2885

Delaware

3828 Kennett Pike Suite 201
Wilmington, Delaware 19807
(302) 482-3182
(302) 482-3612

Georgia

3975 Roswell Rd Suite A
Atlanta, Georgia 30342
(404) 847-0617
(404) 506-9534

Pennsylvania

1617 JFK Boulevard, Suite 1550
Philadelphia, Pennsylvania 19103
(215) 277-5770
(215) 277-5771

Faruqi & Faruqi office in New York, New York

Faruqi & Faruqi office in Los Angeles, California

Faruqi & Faruqi office in Wilmington, Delaware

Faruqi & Faruqi office in Atlanta, Georgia

Faruqi & Faruqi office in Philadelphia, Pennsylvania