Investor Alert: Kaplan Fox Investigates Potential Securities Fraud At Nikola Corporation

NEW YORK, Sept. 15, 2020 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Nikola Corporation ("Nikola" or the "Company"), a company that purports to be designing and developing electric trucks.

On June 3, 2020, Nikola completed a business combination and shares of the combined company began to trade on the NASDAQ under the symbol NKLA.  Shortly thereafter, shares peaked at nearly $94 per share on June 9, 2020.

In a report published on September 10, 2020, Hindenburg Research, a short-seller, alleged that Nikola is an "intricate fraud built on dozens of lies."  For example, the report alleges that Nikola staged a video showing a semi-truck cruising on a road at high speed, but that in reality the truck was towed to the top of a hill on a remote stretch of road and simply filmed rolling down the hill.  Nikola has repeatedly denied the allegations.

Following the publication of the Hindenburg Research report, Nikola's shares fell $4.80 per share, more than 11%, to close at $37.57 per share on September 10, 2020.

Then, on September 14, 2020, after the market closed, Bloomberg reported that "the U.S. Securities and Exchange Commission is examining Nikola Corp. to assess the merits of a short-seller's allegations that the electric-truck maker deceived investors about business prospects. . . ." 

On September 15, 2020, shares of Nikola fell by over 10% in midday trading.

If you purchased or otherwise acquired Nikola securities and would like to discuss our investigation, please contact us by emailing [e-mail] or by calling [phone]. 

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this investigation, your rights, or your interests, please contact:

Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
[phone]
E-mail: [e-mail]

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
[phone]
Fax:  [phone]
E-mail: [e-mail]

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SOURCE Kaplan Fox & Kilsheimer LLP