NIKOLA CORPORATION NEW YORK, Sept. 15, 2020 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Nikola Corporation (NASDAQ: NKLA) resulting from allegations that Nikola may have issued materially misleading business information to the investing public.
On September 10, 2020, the investment analyst Hindenburg Research issued a report on the Company entitled "Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America[.]" The Hindenburg report alleges that Nikola "is an intricate fraud built on dozens of lies . . ." The report also alleges, among other things, that Nikola claims to "design[] all key components in house, but they appear to simply be buying or licensing them from third-parties. . . . [W]e found that Nikola actually buys inverters from a company called Cascadia. In a video showing off its 'in-house' inverters, Nikola concealed the Cascadia label with a piece of masking tape." Hindenburg further asserts that Nikola has misled investors concerning its battery and hydrogen fuel cell claims, as well as its purported "multi-billion-dollar order book," which Hindenburg asserts is "filled with fluff."
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, on unusually heavy trading volume, 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 pkim@rosenlegal.com or cases@rosenlegal.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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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
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SOURCE Rosen Law Firm, P.A.
