Trending...
- Studica Robotics Receives 2026 Partner Excellence Award from FIRST® Robotics Canada
- Creator Space LA brings together industry leaders for an immersive AI showcase, demonstrations, and film hackathon
- New research identifies The Discovery Gap: Seven in 10 Americans say travel is no longer just about getting away
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
- Most Americans Choose Their Water Brand Because of Its Natural Source — Yet Fewer Than 3 in 10 Understand What Spring Water Actually Is
- Unlocking Multi-Sector Growth; Graphite Acquisition Powers EV Entry While Streamlined Consumer Snack Business Fuels Growth: (N A S D A Q: SOWG)
- Permian Museum Adds Carbonaceous Chondrite Reference Photos
- L2 Aviation Receives FAA STC and PMA for Klatt Works SAVED™ Smoke Vision System
- Axencis Launches Performance Partnership for Brand Protection
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
- CCHR Says New OIG Report Raises Concerns about Drugging Elderly with Antipsychotics
- Philadelphia Community Unites for Awareness 2 Wellness Annual Wellness Fair Focused on Healing, Hope
- West Park Arts Fest 2026 Returns to Philadelphia for a Day of Music, Art, and Cultural Celebration
- Project Pretzel Introduces a New System for Running Renovation Projects with Built In Contracts and Real Time Execution
- Freedomtech Solutions creates 'Global Data Centre Network (IDCN)'
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
- "Fearless and Free": Long Beach Pride 2026 Celebrates Resilience, Family, and Multicultural Connection
- 50 Years of Small Business Wisdom, Supercharged by AI: Shelly Berman Launches The Business Health Check
- Deborah E. Jones Releases Emotional Sovereignty, a Book on Emotional Awareness and Self-Regulation
- Finding the Best Lawyer: What Really Matters When Your Case Is on the Line
- The New World of Freight Brokering with AI
- Captain Notepad Launches Full-Service Direct Mail Platform for Small Businesses Nationwide
- World Cup Buzz Fuels Nayarit's Rise as Mexico's Pacific Standout
- Nayarit strengthens its position in Mexico's Culinary Elite with 8 restaurants in the 2026 Mexico Gastronomic Guide
- Winter Garden Ski Lake Home Sells for $2.05M in Cash Transaction, Highlighting Demand for Strategically Positioned Luxury Properties
- Strobert Tree Services' "50 Shades of Green" Campaign Encourages Arbor Day Action Across Delaware and Pennsylvania
- As Fluoride Debate Grips the Nation, Americans Turn to Whole-House Fluoride Filters for Answers
- FOCUS Hires Carrier-Side Operations Leader to Build the Next Generation of Insurance Service Delivery
- Adams Security Group LLC Launches New Website to Expand Professional Security Services Across Florida
- Presidential Acceleration of Psychedelic Therapies Enters a Defining Moment as Federal Policy, FDA Alignment & Breakthrough Neurotechnology Converge
- Peernovation And Inception Stratos Launch Joint Venture To Build A Global Peer-powered Performance Platform
- GDE Tree Services Expands Operations Across Logan, Ipswich and the Gold Coast
- UK AltNet FullFibre Solves IPv4 Shortage With netElastic BNG And CGNAT Networking Software
- Best Companies Group Opens Registration for Best Places to Work in Manufacturing Program
- Studica Robotics Receives 2026 Partner Excellence Award from FIRST® Robotics Canada
- Seven Games That Make You Think (and Smile) Earn 2026 Mensa Select® Honors