San Francisco, Calif .– (Newsfile Corp. – November 15, 2020) – Hagens Berman urges Nikola Corporation (NASDAQ: NKLA) investors to contact the company now. A securities fraud class action has been filed and NKLA investors may suffer sufficient losses to move on behalf of the lead plaintiff.
Classes: March 3, 2020 – September 20, 2020
Lead plaintiff deadline: November 16, 2020
Contact an attorney now: NKLA@hbsslaw.com
Class lawsuit against Nikola Corporation (NKLA) securities:
The complaint alleges that throughout the classroom, defendants incorrectly stated or failed to state, among other things, that: (1) Nikola overestimated his in-house design, manufacturing and testing skills; (2) exaggerated its hydrogen production capabilities; (3) As a result, Nikola has overestimated its ability to reduce the cost of hydrogen fuel. (4) Nikola Founder and CEO Trevor Milton tweeted a deceptive test video of the company’s Nikola Two truck. (5) The work experience and backgrounds of Nikola’s key employees, including Mr. Milton, have been overrated and obscured. and (6) Nikola hadn’t completed five Tre trucks.
Investors learned the truth through a series of partial disclosures that began on September 10, 2020 when Hindenburg Research released a scathing report accusing Nikola of lying about his truck’s capabilities, partnerships, and products, which was published on Sept. September 2020 ended when Milton abruptly resigned.
These events have sharply lowered the price of Nikola shares.
Significantly, In-Cap, a company indirectly controlled by Nikola CEO Jeffrey Ubben, sold 1.4 million Nikola shares at $ 42.69 / share for less than a month prior to these disclosures on August 11, 2020 over $ 59 million in total. While Ubben allegedly claims that the suspiciously timed sale was forced upon him through “redemptions by investors”, Hagens Berman is actively investigating the validity of that claim.
On September 29, 2020, CNBC reported a second sexual abuse allegation against Milton and that the widely touted partnership with GM announced earlier this month was not a “deal.”
Most recently, on November 9, 2020, Nikola announced that the SEC and two large juries had issued subpoenas for the company, Milton and other officers, in September 2020, all related to Hindenburg’s findings about the company.
“We focus on (i) investor losses, (ii) evidence that Nikola misrepresented the functionality, technology, and partnerships of his truck, and (iii) whether Nikola stakeholders like Ubben are illegal insider trading,” said Reed Kathrein, Hagens Berman partner is leading the investigation.
If you are a Nikola investor or can assist with the company’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Individuals with nonpublic information about Nikola should review their options to help with the investigation or use the SEC whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. For more information, call Reed Kathrein at 844-916-0895 or send an email to NKLA@hbsslaw.com.
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About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities across the country and eighty attorneys. The firm represents investors, whistleblowers, employees and consumers in complex legal disputes. More information about the company and its achievements can be found at hbsslaw.com. For the latest news, visit our newsroom or follow us on Twitter @classactionlaw.
The source version of this press release can be found at https://www.newsfilecorp.com/release/68224