This lawsuit is for anyone who acquired securities in Nikola Corporation (NASDAQ: NKLA) from March 3, 2020 through September 15, 2020.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors to believe, among other things, that the Company designs all key components in house, when the Company is actually just buying or licensing components from third-parties.
On September 10, 2020, Hindenburg Research alleged that the Company’s founder, Trevor Milton, had misled partners into signing agreements by falsely claiming to have extensive proprietary technology. Among other things, the report claimed that Milton had staged a video of Nikola’s semi-truck cruising down a road by filming the truck rolling down a hill and that, despite claiming Nikola designs all key components in house, the Company appears to simply be buying or licensing them from third-parties. On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume. Then, on September 11, 2020, Citron Research supported Hindenburg’s claims, stating: “Congrats to Hindenburg for exposing what appears to be a total fraud with $NKLA. Citron will cover half of all legal expenses." On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume." Then, on September 15, 2020, in response to the Hindenburg research report, the Company admitted many of the allegations in the report. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Nikola Corporation (NASDAQ: NKLA) from March 3, 2020 through September 15, 2020 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.