LOS ANGELES–(BUSINESS WIRE) – Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, is continuing its investigation on behalf of investors in Nikola Corporation (“Nikola” or the “Company”) (NASDAQ: NKLA) into the potential impact of the Company continued violations of the Federal Securities Act.
If you have suffered a loss on your Nikola investments or would like to inquire about whether you may be able to make claims to recover your loss under federal securities laws, you can find your contact information at https://www.glancylaw.com/cases / submit nikola corporation /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or email at Shareholder@glancylaw.com to learn more about your rights.
On September 10, 2020, Hindenburg Research released a report entitled "Nikola: How to Partner an Ocean of Lies with America's Largest Automaker". In it, Hindenburg alleged the company's founder, Trevor Milton, misled partners into signing agreements by falsely claiming they had extensive proprietary technology. The report alleged, among other things, that Milton staged a video of Nikolas semi-trailer truck driving down a street filming the truck rolling down a hill and despite claims that Nikola designed all key components in-house, the company appears easy to buy or third party licensing.
In that news, the company's share price fell $ 4.80, or 11%, to close at $ 37.57 per share on September 10, 2020, hurting investors.
Then, on September 11, 2020, Nikola issued a statement denying the allegations and threatening legal action against Hindenburg Research. On the same day, however, Citron Research backed Hindenburg's claims, stating, “Congratulations to Hindenburg for uncovering what appears to be an all-out scam involving $ NKLA. Citron pays half of all legal costs. "
In that news, the company's share price fell $ 5.44, or nearly 15%, to close at $ 32.13 per share on September 11, 2020, further hurting investors.
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Whistleblower: Individuals with nonpublic information about Nikola should review their options to assist with the investigation or use the SEC's whistleblower program. Under the program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. For more information, please contact Charles H. Linehan at 310-201-9150 or 888-773-9224, or email Shareholders@glancylaw.com.
Glancy Prongay & Murray LLP is a leading law firm serving investors and consumers in securities disputes and other complex class action lawsuits. ISS Securities Class Action Services consistently rated GPM in its annual SCAS Top 50 report. In 2018, GPM was ranked one of the top five law firms for number of class action lawsuits for securities and one of the top six law firms for overall size of settlements in US dollars. With four offices across the country, GPM's nearly 40 attorneys have made groundbreaking decisions, reclaiming billions of dollars for investors and consumers in securities, antitrust, consumer and employment lawsuits. GPM's attorneys have handled cases covering a wide range of corporate misconduct, including cases involving financial adjustments, internal control weaknesses, earnings management, fraudulent profit policies and forward-looking statements, auditor misconduct, insider trading, violations of FDA regulations Affected are actions that lead to FDA and DOJ, investigations and many other forms of corporate misconduct. GPM's attorneys have worked on securities cases affecting nearly every industry and sector in the financial markets, including energy, consumer discretionary, consumer staples, real estate and REITs, finance, insurance, information technology, healthcare, biotechnology, cryptocurrency and medical devices, and many more . GPM's past successes have been extensively covered by leading news and industry publications such as The Wall Street Journal, Financial Times, Bloomberg Businessweek, Reuters, Associated Press, Barrons, Investor's Business Daily, Forbes and Money .
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