Nikola Corporation (NKLA) Securities Class Action:
The Complaint alleges that throughout the Class Period, Defendants falsely stated or omitted that: (1) VectoIQ did not engage in proper due diligence regarding its 2020 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; and (7) Nikola did not have five Tre trucks completed.
Investors allegedly began to learn the truth on Sept. 10, 2020, when Hindenburg Research published a scathing report accusing Nikola of lying about its truck's capabilities, partnerships and products.
On Sept. 14 & 15, 2020, media outlets reported Nikola is facing a probe by the SEC and the DOJ.
Then, on Sept. 15, 2020, Hindenburg published another report characterizing Nikola's purported failure to provide a substantive response to its exposé "as a tacit admission of securities fraud."
Finally, on Sept. 20, 2020, Nikola's founder and executive chairman Trevor Milton abruptly resigned.
These events have driven the price of Nikola shares sharply lower.
"We're focused on investors' losses and proving Nikola misrepresented its truck's functionality, its technology and partnerships," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a Nikola investor or may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Nikola should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP