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Nikola Investor Alert: Shareholder Lawsuit Filed

·3 mins read

BOSTON, MA / ACCESSWIRE / October 2, 2020 / Thornton Law Firm alerts investors that a shareholder class action lawsuit has been filed on behalf of shareholders of Nikola Corporation (NASDAQ:NKLA). Investors who purchased NKLA securities between June 4, 2020, and September 9, 2020 that are interested in learning about the case or being a lead plaintiff are encouraged to visit www.tenlaw.com/cases/Nikola. Investors may also contact Thornton Law Firm at investors@tenlaw.com, or call 617-531-3917.

FOR MORE INFORMATION, VISIT: www.tenlaw.com/cases/Nikola

The Complaint alleges that Nikola purports to operate as an integrated zero-emissions transportation systems provider. It is alleged that throughout the Class Period, Defendants failed to disclose to investors a number of facts, including that Nikola's founder and CEO had repeatedly misrepresented and exaggerated Nikola's financial, technological, and operational profile, which thus presented a materially false image of the Company's growth and success, thereby artificially inflating the Company's stock price.

The lawsuit also alleges that on September 10, 2020, Hindenburg Research published a report that it had gathered "extensive evidence-including recorded phone calls, text messages, private emails, and behind-the-scenes photographs," and had identified "dozens of false statements by" Milton. The Complaint alleges that on this news, Nikola's stock price fell $4.80 per share, or 11.33%, to close at $37.57 per share.

FOR MORE INFORMATION: www.tenlaw.com/cases/Nikola

It is further alleged, that on September 14, 2020, after the market had closed, Bloomberg reported that the SEC was investigating Nikola to assess the merits of the Hindenburg Report, and on September 15, 2020, The Wall Street Journal reported that the Department of Justice had joined the SEC's investigation. The Complaint goes on to state that Nikola's stock fell an additional $0.17 per share during intra-day trading, to close at $32.83 on September 15, 2020, allegedly harming investors.

Investors who suffered a loss in Nikola Corporation that are interested to learn more about the lead plaintiff process are encouraged to contact the Thornton Law Firm's shareholder rights team at www.tenlaw.com/cases/Nikola, by email at investors@tenlaw.com, or calling 617-531-3917. The lawsuit alleges violations of the federal securities laws, and the class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. There is no minimum number of shares required to be a class member, and shareholders do not need to be a lead plaintiff to recover as a class member. The lead plaintiff serves as a representative of all investors in the lawsuit. Interested NKLA shareholders have until November 16, 2020, to apply to be a lead plaintiff.

FOR MORE INFORMATION: www.tenlaw.com/cases/Nikola

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 shareholders. 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.


Thornton Law Firm LLP
1 Lincoln Street
State Street Financial Center
Boston, MA 02111

SOURCE: Thornton Law Firm LLP

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