PHILADELPHIA, Sept. 16, 2020 /PRNewswire/ -- 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 15, 2020, inclusive (the "Class Period").
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 email at [email protected] or online at http://kaskelalaw.com/case/nikola-corporation/, for additional information about this action and to discuss their legal rights and options.
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.
Nikola investors who have suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC for additional information about this action. Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
SOURCE Kaskela Law LLC