Trending...
- STS Capital Partners is pleased to announce the appointment of Barry Brown as Vice President, Business Development
- Qscription Technologies and NEOPATHOLOGY CORP. Sign MOU to Bring FDA-Cleared Lung Imaging AI into U.S. Clinical Practice
- Regcrest LLC Publishes Free 50-State Tax Account Closure Checklist Tool
RADNOR, Pa., Sept. 26, 2020 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP alerts investors that a securities fraud class action lawsuit has been filed against Nikola Corporation (NASDAQ: NKLA, NKLAW) ("Nikola") on behalf of those who purchased or otherwise acquired Nikola securities between March 3, 2020 and September 20, 2020, inclusive (the "Class Period").
Investors who purchased or otherwise acquired Nikola securities during the Class Period may, no later than November 16, 2020, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please click https://www.ktmc.com/nikola-corporation-class-action?utm_source=PR&utm_medium=link&utm_campaign=nikola.
According to the complaint, Nikola operates as an integrated zero emissions transportation systems provider, which designs and manufactures battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen fueling station infrastructure. The merger of VectoIQ and Nikola closed on June 3, 2020.
The Class Period commences on March 3, 2020 when Nikola issued a press release entitled, "Nikola Corporation, a Global Leader in Zero Emissions Transportation Solutions, to Be Listed on NASDAQ Through a Merger with VectoIQ." In connection with the merger announcement, Nikola released an investor presentation on March 3, 2020, which touted Nikola founder and Executive Chairman Trevor R. Milton's ("Milton") experience in the clean energy and technology field and Nikola's hydrogen production capabilities.
The complaint alleges that, on September 10, 2020, before market hours, Hindenburg Research published a report describing, among other things, how: (i) Nikola claims to design key components in house, but they appear to simply be buying or licensing them from third parties; (ii) Nikola 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 (a prototype truck); (v) some of Nikola's team, including 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 fell $10.24, or 24%, over the next two trading days, to close at $32.13 per share on September 11, 2020.
More on The PennZone
Then, on September 15, 2020, before trading hours, Hindenburg Research published another report, focused on Nikola's responses and nonresponses to its initial report, entitled "We View Nikola's Response As a Tacit Admission of Securities Fraud." Following this news, shares of Nikola fell $2.96, or 8%, to close at $32.83 per share on September 15, 2020.
Finally, 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." Following this news, the price of Nikola's shares fell in pre-market trading on September 21, 2020, further damaging investors.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or 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) Milton tweeted a misleading "test" video of the Nikola Two truck; (6) the work experience and background of key Nikola employees, including Milton, had been overstated and obfuscated; (7) Nikola did not have five Tre trucks completed; and (8) as a result, the defendants' public statements were false and/or misleading at all relevant times.
Nikola investors who wish to discuss this securities fraud class action lawsuit and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (844) 877-9500 (toll free) or at [email protected].
Nikola investors may, no later than November 16, 2020, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
More on The PennZone
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 877-9500 (toll free)
(610) 667-7706
[email protected]
SOURCE Kessler Topaz Meltzer & Check, LLP
Related Links
http://www.ktmc.com
Investors who purchased or otherwise acquired Nikola securities during the Class Period may, no later than November 16, 2020, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please click https://www.ktmc.com/nikola-corporation-class-action?utm_source=PR&utm_medium=link&utm_campaign=nikola.
According to the complaint, Nikola operates as an integrated zero emissions transportation systems provider, which designs and manufactures battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen fueling station infrastructure. The merger of VectoIQ and Nikola closed on June 3, 2020.
The Class Period commences on March 3, 2020 when Nikola issued a press release entitled, "Nikola Corporation, a Global Leader in Zero Emissions Transportation Solutions, to Be Listed on NASDAQ Through a Merger with VectoIQ." In connection with the merger announcement, Nikola released an investor presentation on March 3, 2020, which touted Nikola founder and Executive Chairman Trevor R. Milton's ("Milton") experience in the clean energy and technology field and Nikola's hydrogen production capabilities.
The complaint alleges that, on September 10, 2020, before market hours, Hindenburg Research published a report describing, among other things, how: (i) Nikola claims to design key components in house, but they appear to simply be buying or licensing them from third parties; (ii) Nikola 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 (a prototype truck); (v) some of Nikola's team, including 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 fell $10.24, or 24%, over the next two trading days, to close at $32.13 per share on September 11, 2020.
More on The PennZone
- Boston Industrial Solutions Introduces Personalized Printing Training
- Century Fasteners de Mexico Exhibiting at the 2026 Automotive & Aerospace Nearshoring Summit
- Retell AI White Label Platform for Agencies Launched by VoiceAIWrapper, With Branded Client Portals and No Per-Minute Markup
- FOCUS Names Mark Phillips Senior Vice President of Business Development
- Notaron Expands Online Notarization Access Following Wisconsin Approval
Then, on September 15, 2020, before trading hours, Hindenburg Research published another report, focused on Nikola's responses and nonresponses to its initial report, entitled "We View Nikola's Response As a Tacit Admission of Securities Fraud." Following this news, shares of Nikola fell $2.96, or 8%, to close at $32.83 per share on September 15, 2020.
Finally, 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." Following this news, the price of Nikola's shares fell in pre-market trading on September 21, 2020, further damaging investors.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or 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) Milton tweeted a misleading "test" video of the Nikola Two truck; (6) the work experience and background of key Nikola employees, including Milton, had been overstated and obfuscated; (7) Nikola did not have five Tre trucks completed; and (8) as a result, the defendants' public statements were false and/or misleading at all relevant times.
Nikola investors who wish to discuss this securities fraud class action lawsuit and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (844) 877-9500 (toll free) or at [email protected].
Nikola investors may, no later than November 16, 2020, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
More on The PennZone
- Wings Air Helicopters Selected to Support VIP Transportation for Resorts World in New York
- Scoop Social Co. Brings Its Signature Mobile Dessert Experience to Houston This October
- The Social Capital Revolution Comes to Phoenix!
- Lawsuit Alleges American Deli Food Caused Severe Illness, Acute Kidney Failure, And Eight-day Hospitalization
- FBI/DoW plot uncovered to hurt Trump/Vance through encouraged "widespread" cybersecurity breaches and racketeering theft of $80m in USDA payments
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 877-9500 (toll free)
(610) 667-7706
[email protected]
SOURCE Kessler Topaz Meltzer & Check, LLP
Related Links
http://www.ktmc.com
0 Comments
Latest on The PennZone
- FDA-Cleared Zeta TMS Robotic System Moves Toward Deployment as FDA, DARPA and Commercial Catalysts Converge: NRx Pharmaceuticals (N A S D A Q: NRXP)
- Baird Medical Turns Global Expansion Into Tangible Growth: N A S D A Q: BDMD Posts 25% Revenue Surge as U.S. and International Markets Accelerate
- Shelter Structures America makes European debut at TEMPOR EXPO 2026 in Fulda, Germany
- The Culture and Travel Report Enters a New Chapter as Travel and Hospitality Brands Take Notice
- Regcrest LLC Publishes Free 50-State Tax Account Closure Checklist Tool
- HydroExcavation.com Relaunches With Exclusive Local Service Areas and Dedicated Hydrovac Manufacturer Directory
- Sky Quarry Enters a Powerful New Chapter: Refinery Restart Emminent, Nevada Oil Initiative and Visibility Put (NAS DAQ: SKYQ) in the Spotlight
- OneVizion Launches Vera AI, Bringing Connected Operational Context to Infrastructure Teams
- P-Wave Press Announces Pushing the Wave 2025 by L.A. Davenport
- DONGSHENG Titanium Recycling: Promoting a Closed-Loop Cycle for High-End Titanium Materials
- French Camp Academy Releases New Video Inviting Individuals to Consider a Life of Service
- LET US READ Documentary on Dyslexia and Literacy to Screen at TCL Chinese 6 in Hollywood
- Defense & Space Strategy Strengthens as New Leadership Builds on NASA Results and Expanding Multi-Orbit Opportunities for Ascent Solar Technologies
- STS Capital Partners is pleased to announce the appointment of Barry Brown as Vice President, Business Development
- Qscription Technologies and NEOPATHOLOGY CORP. Sign MOU to Bring FDA-Cleared Lung Imaging AI into U.S. Clinical Practice
- New Bethany's 35th Annual Souper Day to Spotlight Connection Between Health, Hunger and Housing
- Heritage at Manalapan Welcomes New Sales Team as Luxury Single-Family Home Community Continues to Grow
- Mandeville Pests May Pose Serious Health Risks for Your Family
- A New Tale Band Makes 9/11 Tribute Song "The Twins" Free for Ceremonies and School Programs
- Share your workplace safety solutions at 2027 Applied Ergonomics Conference