17 days left to seek lead plaintiff status
Case Summary
Company Name Nikola Corporation
Stock Symbol NKLA
Class Period March 3, 2020 to September 20, 2020
Motion Deadline November 16, 2020

The Thornton Law Firm announces that a class action lawsuit has been filed on behalf of investors of Nikola Corporation f/k/a VectoIQ Acquisition Corp. (NASDAQ:NKLA; VTIQ). Investors who purchased Nikola stock or other securities between March 3, 2020 and September 20, 2020 may contact the Thornton Law Firm to obtain a copy of the complaint or to discuss the lead plaintiff process. Interested investors are encouraged to submit their information above. Investors may email investors@tenlaw.com or call 617-531-3917. Interested Nikola investors have until November 16, 2020 to apply to be a lead plaintiff.

The case alleges that on September 10, 2020 Hindenburg Research published a report describing, among other things, how: (i) Nikola overstated its “in-house” design, manufacturing, and testing capabilities; (ii) Nikola overstated its hydrogen production capabilities; (iii) Nikola released a misleading “test” video which appeared to show one of its vehicles driving, when in reality it was simply rolling downhill; (iv) senior Nikola executives and employees overstated their qualifications and work experience; and (v) Nikola had misrepresented the number of Tre trucks manufactured to date.

It is alleged that the price of Nikola shares fell $10.24 per share, or 24%, following this news, to close at $32.13 per share on September 11, 2020.

It is further alleged that on September 14, 2020 Bloomberg published an article announcing an SEC investigation of Nikola stemming from the Hindenburg Report. On this news, the price of Nikola shares declined further damaging investors.

The lawsuit alleges violations of the federal securities laws. The Private Securities Litigation Reform Act of 1995 allows any investor who purchased the securities at issue in the case during the Class Period to seek appointment as a lead plaintiff in the lawsuit. A lead plaintiff acts on behalf of all other investor class members in managing the class action and can select a law firm of their choice to litigate the lawsuit.  Serving as a lead plaintiff does not impact an investor’s share in any potential recovery. Investors do not need to be a lead plaintiff to be a member of the class. If investors choose to take no action, they can remain an absent class member. Interested Nikola investors have until November 16, 2020 to apply to be a lead plaintiff. The class has not yet been certified. Until certification occurs, investors are not represented by an attorney.

Thornton Law Firm's securities attorneys are highly experienced in representing investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of investors. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

A class action lawsuit has been filed on behalf of investors in Nikola Corporation (NKLA) securities.

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    Please note that, should you wish to submit personal data protected under European data protection law (other than for purposes of responding to your inquiry and/or determining class eligibility), you should contact us prior to submitting such data.

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