NEW YORK, Sept. 30, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of Arizona on behalf of a class consisting of all persons and entities who purchased the securities of Nikola Corporation ("Nikola" or the "Company") (Nasdaq: NKLA) between June 4, 2020 and September 15, 2020 (the "Class Period").
All investors who purchased shares and incurred losses are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Nikola Corporation., you may, no later than November 16 , 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Nikola Corporation.
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According to the filed Complaint, the Company made false and misleading statements to the market. Nikola's founder, Trevor Milton, materially misrepresented the Company's technology and business. The Company's profitability and business prospects were massively overstated. Based on these facts, the Company's public statements were false and materially misleading throughout the class period.
On September 10, 2020, Hindenburg Research issued a report titled: "Nikola: How to parlay an Ocean of Lies into a Partnership with the Largest Auto OEM in America." In that report, Hindenburg claimed that it "gathered extensive evidence-including recorded phone calls, text messages, private emails, and
behind-the-scenes photographs detailing dozens of false statements by the Company's founder Trevor Milton."
On this news the Company's stock price fell on September 10, 2020, closing at $37.57, down $4.80 per share.
Subsequently, on September 15, 2020, dropped further Tuesday after a report by The Wall Street Journal said the Justice Department has joined the Securities and Exchange Commission in looking into allegations that the electric-truck maker has misled investors. The report, which cited people familiar with the matter, said the probe was being handled by the Manhattan U.S. attorney's office, working in conjunction with the securities regulators, which has reportedly initiated its own probe. The stock closed at $32.83, down $2.96 per share.
Today, Trevor Milton stepped down as executive chairman effective immediately and was replaced by Stephen Girsky, the former General Motors vice chairman who oversaw Nikola's stock listing and helped broker their partnership. Nikola's shares, which were already reeling from all the prior negative news, traded as low as $24.97 per share in intraday trading.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
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Email: email@example.com, firstname.lastname@example.org or email@example.com
Tel: (800) 575-0735 or (212) 545-4774
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