LOS ANGELES, Sept. 21, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Nikola Corporation ("Nikola" or the "Company") (NASDAQ: NKLA) investors that a class action filed on behalf of Nikola investors that acquired shares between March 3, 2020 - September 15, 2020. The lawsuit alleges that the Company misled investors concerning the viability of the Company’s products and operations.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On September 10, 2020, Hindenburg Research, an investment analyst, issued a report on Nikola Corporation entitled “Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America[.]” It is alleged in the Hindenburg report that Nikola “is an intricate fraud built on dozens of lies . . .” It is also alleged in this report, among other things, that Nikola claims to “design[] all key components in house, but they appear to simply be buying or licensing them from third-parties. . . . [W]e found that Nikola actually buys inverters from a company called Cascadia. In a video showing off its ‘in-house’ inverters, Nikola concealed the Cascadia label with a piece of masking tape.” It is further asserted by Hindenburg that investors were misled by Nikola with regard to its battery and hydrogen fuel cell claims, as well as its purported “multi-billion-dollar order book,” which Hindenburg asserts is “filled with fluff.”
Then on September 15, 2020, Nikola shares fell further during intraday trading after a story from Bloomberg News revealed that the SEC examining the electric-truck maker to assess the merits of a short-seller’s report last week raising questions about its business practices.
On September 21, 2020, the Company notified investors that its founder stepped down as executive chairman effective immediately clouding Nikola’s future direction, and causing the shares to drop in price significantly.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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