SAN DIEGO, Sept. 21, 2020 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP reminds investors that a class action lawsuit has been filed against Nikola Corporation ("Nikola or the "Company") (NASDAQ: NKLA) on behalf of all purchasers of common stock during the period between March 3, 2020 and September 15, 2020, inclusive (the "Class Period").
If you wish to serve as a lead plaintiff, you must move the Court no later than November 16, 2020. If you want to discuss this action or have any questions concerning this notice, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If you email, please include your phone number.
The complaint alleges that during the Class Period, defendants throughout the Class Period made false and misleading statements and failed 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 misleading at all relevant times. According to the suit, these true details were disclosed by a market research firm.
On September 14, 2020, media outlets reported Nikola is facing a probe by the SEC and the DOJ. Then on September 20, 2020, Nikola announced that Trevor Milton, its founder stepped down as executive chairman.
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