LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, continues its investigation on behalf of Nikola Corporation (“Nikola” or the “Company”) (NASDAQ: NKLA) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Nikola investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/nikola-corporation/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On September 10, 2020, Hindenburg Research published a report entitled “Nikola: How to Parlay an Ocean of Lies into a Partnership with the Largest Auto OEM in America.” Therein, Hindenburg alleged that the Company’s founder, Trevor Milton, had misled partners into signing agreements by falsely claiming to have extensive proprietary technology. Among other things, the report claimed that Milton had staged a video of Nikola’s semi-truck cruising down a road by filming the truck rolling down a hill and that, despite claiming Nikola designs all key components in house, the Company appears to simply be buying or licensing them from third-parties.
On this news, the Company’s share price fell $4.80, or 11%, to close at $37.57 per share on September 10, 2020, thereby injuring investors.
Then, on September 11, 2020, Nikola issued a statement denying the allegations and threatening legal action against Hindenburg Research. However, the same day, Citron Research supported Hindenburg’s claims, stating: “Congrats to Hindenburg for exposing what appears to be a total fraud with $NKLA. Citron will cover half of all legal expenses.”
On this news, the Company’s share price fell $5.44, or nearly 15%, to close at $32.13 per share on September 11, 2020, thereby injuring investors further.
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Whistleblower Notice: Persons with non-public information regarding Nikola should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.
About GPM
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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