NEW YORK, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, continues investigating potential securities claims on behalf of shareholders of Nikola Corporation (NASDAQ: NKLA, NKLAW), f/k/a VectoIQ Acquisition Corp. (NASDAQ: VTIQ, VTIQW, VTIQU), resulting from allegations that the Company may have issued materially misleading business information to the investing public.
On September 10, 2020, the investment analyst Hindenburg Research published a report on the Company entitled “Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America[.]” On this news, shares of Nikola fell $10.24, or 24%, over the next two trading days, to close at $32.13 per share on September 11, 2020, damaging investors.
On September 14, 2020, after market hours, Bloomberg published an article entitled “SEC Examining Nikola Over Short Seller’s Fraud Allegations” which announced the SEC examination of Nikola stemming from the Hindenburg report. On September 15, 2020, Hindenburg Research published a second report on the Company entitled “We View Nikola’s Response As a Tacit Admission of Securities Fraud[.]” On this news, shares of Nikola fell $2.96, or 8%, over the trading day, to close at $32.83 per share on September 15, 2020, further damaging investors.
Late on September 20, 2020, Nikola issued a press release entitled “Nikola Board of Directors Announces Leadership Transition: Trevor Milton Steps Down as Executive Chairman; Stephen Girsky Appointed Chairman of the Board[.]” On this news, shares of Nikola fell $6.61, or almost 20%, to close at $27.58 per share on September 21, 2020, further damaging investors.
On September 23, 2020, the Wall Street Journal published an article entitled “Nikola’s Talks With Major Energy Firms Stalled Following Short-Seller Report” which reported a “[p]ause in electric-truck maker’s discussions with BP, others over hydrogen refueling stations marks strategic setback amid heightened scrutiny[.]” On this news, shares of Nikola fell $7.36, or 25%, to close at $21.15 per share on September 23, 2020, further damaging investors
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Nikola’s investors. If you purchased shares of Nikola, please visit the firm’s website at http://www.rosenlegal.com/cases-register-1943.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at firstname.lastname@example.org or email@example.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
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New York, NY 10016
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