SAN DIEGO–(BUSINESS WIRE)–Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the District of Arizona on behalf of purchasers of Nikola Corporation f/k/a VectoIQ Acquisition Corp. (NASDAQ:NKLA; VTIQ) securities between March 3, 2020 and September 15, 2020 (the “Class Period”). The case is captioned Borteanu v. Nikola Corporation, No. 20-cv-1797, and is assigned to Magistrate Judge John Boyle. The Nikola class action lawsuit charges Nikola and certain of its officers with violations of the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Nikola securities during the Class Period to seek appointment as lead plaintiff in the Nikola class action lawsuit. A lead plaintiff acts on behalf of all other class members in directing the Nikola class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Nikola class action lawsuit. An investor’s ability to share in any potential future recovery of the Nikola class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Nikola class action lawsuit or have questions concerning your rights regarding the Nikola class action lawsuit, please visit our website by clicking here or contact Brian Cochran of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at [email protected]. Lead plaintiff motions for the Nikola class action lawsuit must be filed with the court no later than November 14, 2020.
Nikola operates as an integrated zero emissions transportation systems provider that designs and manufactures battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen fueling station infrastructure.
The Nikola class action lawsuit alleges that on September 10, 2020, before market hours, Hindenburg Research published a report (the “Report”) describing, among other things, how: (i) the Company had falsely claimed to design key components in house, but the components were actually procured from third parties; (ii) the Company had vastly overstated its hydrogen production capabilities; (iii) Nikola had staged a “test” video which appeared to show one of its prototype electric vehicles driving, when it was simply rolling downhill; (iv) senior Nikola executives and employees had exaggerated their qualifications and experience; and (v) Nikola had misrepresented the number of vehicles manufactured to date.
Following this news, the price of Nikola shares fell $10.24 per share, or 24%, over two trading days, to close at $32.13 per share on September 11, 2020.
Subsequently, on September 14, 2020, Bloomberg published an article, entitled “SEC Examining Nikola Over Short Seller’s Fraud Allegations,” which announced an SEC investigation of Nikola stemming from the Report. On this news, the price of Nikola shares declined in after-hours trading, further damaging investors.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations, and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.
Robbins Geller Rudman & Dowd LLP
Brian E. Cochran, 800-449-4900