NEW YORK, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of multiple class action lawsuits against Nikola Corporation (“Nikola” or the “Company”) (NASDAQ: NKLA) and certain of its officers and directors alleging violations of federal securities laws. If you purchased Nikola securities between March 3, 2020 and September 15, 2020, inclusive (the “Class Period”), you are encouraged to contact Scott+Scott attorney Joe Pettigrew for additional information at (844) 818-6982 or jpettigrew@scott-scott.com.
Nikola purports to operate as a zero emissions transportation system provider that designs and manufactures battery-electric and hydrogen-electric vehicles, vehicle components, energy storage systems, and hydrogen fueling station infrastructure. On March 3, 2020, Nikola announced that it was merging with VectorIQ Acquisition Corp.
The lawsuits allege that Nikola made materially false and/or misleading statements related to the Company’s financial, technological, and operational profile, exaggerating its existing infrastructure and intellectual property portfolio, as well as its capabilities as a hydrogen producer and hydrogen-electric-vehicle producer.
On September 10, 2020, before the market opened, Hindenburg Research published a report entitled, “Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America” (the “Hindenburg Report” or the “Report”). On this news, Nikola shares dropped 24% over the next two trading days, to close at $32.13 on September 11, 2020.
On September 14, 2020, after the market closed, Bloomberg published an article entitled “SEC Examining Nikola Over Short Seller’s Fraud Allegations,” reporting that the Securities and Exchange Commission (“SEC”) was looking into the allegations in the Report. On September 15, 2020, the Wall Street Journal reported that the United States Department of Justice (“DOJ”) had joined the SEC’s investigation of Nikola. That same day, Hindenburg Research published a second report on Nikola. On this news, the price of Nikola stock fell 8.2% to close at $32.83.
What You Can Do
If you purchased Nikola securities between March 3, 2020 and September 15, 2020, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joe Pettigrew at (844) 818-6982 or jpettigrew@scott-scott.com. The lead plaintiff deadline is November 16, 2020.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT:
Joe Pettigrew
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17th Floor, New York, NY 10169-1820
(844) 818-6982
jpettigrew@scott-scott.com