Nikola operates as a zero emissions transportation system provider.

The lawsuits allege that Nikola made materially false and/or misleading statements related to the Company’s financial, technological, and operational profile, exaggerating its existing infrastructure and intellectual property portfolio, as well as its capabilities as a hydrogen producer and hydrogen-electric-vehicle producer.

On September 10, 2020, before the market opened, Hindenburg Research published a report entitled, “Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America.” On this news, Nikola shares dropped 24% over the next two trading days, to close at $32.13 on September 11, 2020.

On September 14, 2020, after the market closed, Bloomberg published an article entitled “SEC Examining Nikola Over Short Seller’s Fraud Allegations,” reporting that the Securities and Exchange Commission (“SEC”) was looking into the allegations in the Report.  

On September 15, 2020, the Wall Street Journal reported that the United States Department of Justice had joined the SEC’s investigation of Nikola.  That same day, Hindenburg Research published a second report on Nikola. On this news, the price of Nikola stock fell 8.2% to close at $32.83.

On September 21, 2020, the New York Times reported that Nikola’s founder and executive chairman, Trevor Milton, had resigned. On this news, the price of Nikola stock fell 19.3% to close at $27.58.

What You Can Do

If you purchased Nikola securities between March 3, 2020 and September 15, 2020, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joe Pettigrew at (844) 818-6982 or jpettigrew@scott-scott.com. 

About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States.  The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.

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