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Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Nikola Corporation (NKLA, NKLAW)

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09/18/2020 | 06:29pm EDT

NEW YORK, Sept. 18, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Nikola Corporation (“Nikola” or the “Company”) (NASDAQ: NKLA, NKLAW), f/k/a VectoIQ Acquisition Corp. (NASDAQ: VTIQ, VTIQW, VTIQU) in the United States District Court for the District of Arizona on behalf of those who purchased or acquired the securities of Nikola between March 3, 2020 and September 15, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Nikola investors under the federal securities laws.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) VectoIQ did not engage in proper due diligence regarding its merger with Nikola; (ii) Nikola overstated its “in-house” design, manufacturing, and testing capabilities; (iii) Nikola overstated its hydrogen production capabilities; (iv) as a result, Nikola overstated its ability to lower the cost of hydrogen fuel; (v) Nikola founder and Executive Chairman, Trevor Milton, tweeted a misleading “test” video of the Company’s Nikola Two truck; (vi) the work experience and background of key Nikola employees, including Mr. Milton, had been overstated and obfuscated; (vii) Nikola did not have five Tre trucks completed; and (viii) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times. According to the suit, these true details were disclosed by a market research firm.

Investors who purchased or otherwise acquired shares of Nikola during the Class Period should contact the Firm prior to the November 16, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.

© GlobeNewswire 2020

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