Trending...
- Qscription Technologies Appoints Anurag Velekkatt Sunil Kumar to Drive Enterprise Scale
- Warm, Dry Summer Forecast Points to a Stronger Wasp and Yellowjacket Season Across the Pacific Northwest
- Top 5 Most Reliable Used Vans in the UK in 2026
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
- Joulescope JS320 Launches to Help Engineers Develop Battery-Powered Devices with Greater Confidence
- Ghanaian Afrobeat Artist Praise Kusi Announces Upcoming EP "After 21:00" Releasing July 3, 2026
- Translational Scientist Roohid Parast Comments on FDA Approval of Icotrokinra for Psoriasis
- TURRENTINE: A Family Legacy United Through Music
- Save 10 Percent Off Summer Stays at KeysCaribbean Resorts
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
- CGI Announces Pre-Order Launch for New Integrated Behavioral Health Book
- IDI Consulting Supports Crohn's & Colitis Foundation as Silver Sponsor for Pittsburgh Take Steps Walk
- Prince George's County Students Now Have A Rare Opportunity In TV Film Production Career-readiness
- City of San José Could Lose Access to Millions Under New CalEnviroScreen Tool 5.0
- This Weekend Causeway Cove Country BBQ & Music Festival Returns for Fourth Year, Celebrating America's 250th Anniversary on the Water
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
Filed Under: Business
0 Comments
Latest on The PennZone
- Century Fasteners Corp. Exhibiting at 2026 Farnborough International Airshow
- Compton to host first Juneteenth celebration with We Are Us Festival
- Wayne Homes Refreshes Its Pittsburgh Area Model Home Center Page
- DuoKey Launches Quantum Risk Score to Help Enterprises Prioritise Post-Quantum Cryptography Migration
- Top 5 Most Reliable Used Vans in the UK in 2026
- Dominican Fashion Designer Raiza Bonaparte presents the Sovereign Despampanante Collection at the Library of Congress
- Roohid Parast on How AI Is Changing What Bench Scientists Can Do
- What Happens When Congress Says No? New Book Examines the Boland Amendments, Iran-Contra Affair & Jamaican Posse, as US Congress Debate Over Military
- Warm, Dry Summer Forecast Points to a Stronger Wasp and Yellowjacket Season Across the Pacific Northwest
- Qscription Technologies Appoints Anurag Velekkatt Sunil Kumar to Drive Enterprise Scale
- SafeBets Named Presenting Sponsor of IMCX 2026, Bringing Its No-Deposit Prediction Platform to the Creator Economy's Deal-Making Conference
- Turnstone Creative's Ashley Russo Serves as Emcee for United Way's 2026 NERC and Women's Summit
- A New Pulse for Cardiac Care in Baltimore: St. Elizabeth Rehab & Nursing Welcomes Dr. Hakim Uqdah and Expands Advanced Heart Program
- Lighthouse 153 Brings Fresh Seafood, Craft Beer, and Coastal Charm to Downtown Hanover This Summer
- Inframark–Slater Joint Venture Selected to Manage Fulton County Wastewater Operations
- Cancun International Airport Reports Strong Start to Summer 2026 Travel Season
- Freedomtech Solutions Launches the World's First Pre‑Installed Agentic AI Server — Instant, Sovereign, Infrastructure‑Native Intelligence
- GitKraken Introduces Code Flow, a Framework for Software Development in the Agentic Era
- Nola Blue Records announces new album from The Anthony Paule Soul Orchestra featuring Willy Jordan
- RIGHT CARS Announces Landmark African Expansion Through Strategic Collaboration Agreement Across Eight Nations