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The Gross Law Firm Announces Class Actions on Behalf of Shareholders of UPLCQ, LX and NKLA

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NEW YORK, NY / ACCESSWIRE / October 29, 2020 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery.

Ultra Petroleum Corp. (OTC PINK:UPLCQ)

Investors Affected : April 3, 2017 - August 8, 2019

A class action has commenced on behalf of certain shareholders in Ultra Petroleum Corp. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (a) Ultra's proved reserves were materially overstated and, therefore, worth hundreds of millions of dollars less than represented; (b) Ultra's proved undeveloped reserves were of de minimis value because they contained low quality deposits that lacked a commercially viable path to development; (c) Ultra was unable to meet the production and development estimates provided to investors and such estimates lacked a reasonable basis; (d) Ultra was unable to withstand even a modest downturn in the price of natural gas because, inter alia, Ultra's business had less financial and production flexibility than claimed; and (e) Ultra did not have the technical or financial capabilities or available asset base to sustainably grow its oil and natural gas production by any meaningful amount.

Shareholders may find more information at https://securitiesclasslaw.com/securities/ultra-petroleum-corp-loss-submission-form/?id=10561&from=1

Lexinfintech Holdings, Ltd. (NASDAQ:LX)

This lawsuit is on behalf of shareholders who purchased or otherwise acquired: (a) Lexin American depositary shares pursuant and/or traceable to the Company's initial public offering conducted on or about December 21, 2017; or (b) Lexin securities between December 21, 2017 and August 24, 2020.

A class action has commenced on behalf of certain shareholders in Lexinfintech Holdings, Ltd. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) LexinFintech reported artificially low delinquency rates by giving borrowers in default new funds to make payments; (2) the Company's business model exposes shareholders to enormous losses by prioritizing Chinese lenders for off-balance sheet loans; (3) the Company exaggerated its user base; (4) the Company was facilitating direct peer to peer lending contrary to Chinese law; (5) the Company engaged in undisclosed related party transactions; (6) the Company lacked adequate internal controls; and (7) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Shareholders may find more information at https://securitiesclasslaw.com/securities/lexinfintech-holdings-ltd-loss-submission-form/?id=10561&from=1

Nikola Corporation, f/k/a VectoIQ Acquisition Corp. (NASDAQ:NKLA)

Investors Affected : March 3, 2020 - October 6, 2020

A class action has commenced on behalf of certain shareholders in Nikola Corporation, f/k/a VectoIQ Acquisition Corp. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) VectoIQ did not engage in proper due diligence regarding its merger with Nikola; (2) Nikola overstated its “in-house” design, manufacturing, and testing capabilities; (3) Nikola overstated its hydrogen production capabilities; (4) as a result, Nikola overstated its ability to lower the cost of hydrogen fuel; (5) Nikola founder and Executive Chairman, Trevor Milton, tweeted a misleading “test” video of the Company's Nikola Two truck; (6) the work experience and background of key Nikola employees, including Mr. Milton, had been overstated and obfuscated; (7) Nikola did not have five Tre trucks completed; and (8) as a result, defendants' public statements were materially false and/or misleading at all relevant times.

Shareholders may find more information at https://securitiesclasslaw.com/securities/nikola-corporation-f-k-a-vectoiq-acquisition-corp-loss-submission-form/?id=10561&from=1

The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (212) 537-9430
Fax: (833) 862-7770

SOURCE: The Gross Law Firm



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