BOSTON, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, reminds investors that it has filed a class lawsuit on behalf of shareholders against Nikola Corp. (NASDAQ: NKLA) and certain of its executives for securities fraud. Investors who purchased Nikola shares and who suffered losses are encouraged to contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or at https://www.blockleviton.com/cases/nkla.
On September 10, 2020, analyst Hindenburg Research published a report in which it called Nikola “an intricate fraud built on dozens of lies.” Hindenburg wrote that it had “gathered extensive evidence—including recorded phone calls, text messages, private emails and behind-the-scenes photographs—detailing dozens of false statements by Nikola Founder Trevor Milton. We have never seen this level of deception at a public company, especially of this size.” Hindenburg asserts that Nikola has misled investors concerning, among other things, its battery and hydrogen fuel cell claims, as well as its purported “multi-billion dollar order book,” which Hindenburg asserts is “filled with fluff.” Nikola shares fell approximately 24% by the close of the markets on September 11, 2020.
On September 14, 2020, Bloomberg News reported that the U.S. Securities and Exchange Commission was examining Nikola to assess the merits of Hindenburg’s report. Then on September 15, 2020, the Wall Street Journal reported that the United States Department of Justice was also investigating whether Nikola may have misled investors. On September 21, 2020, Nikola’s Founder and Executive Chairman Trevor Milton announced that he is stepping down from his role with the Company. Nikola’s shares again plummeted by approximately 35% in premarket trading on September 21, 2020. Nikola’s shares, which traded as high as $93.99, are presently trading around $21.00 each.
The lawsuit filed by Block & Leviton is captioned Wojichowski v. Nikola Corp., et al., No. CV20-01819-PHX-DLR. The lawsuit alleges a class period of June 4, 2020 to September 9, 2020. Other lawsuits have been filed, including with a class period running from March 3, 2020 to October 6, 2020. The deadline to move the Court to be appointed lead plaintiff is November 16, 2020.
If you purchased or acquired shares of Nikola and lost money, you are encouraged to contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or at https://www.blockleviton.com/cases/nkla.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com