The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Nikola Corporation, f/k/a VectoIQ Acquisition Corp. (NASDAQ: NKLA) who purchased shares between March 3, 2020 and October 6, 2020. The action, which was filed in the United States District Court for the District of Arizona, alleges that the Company violated federal securities laws.
(1) VectoIQ did not engage in proper due diligence regarding its merger with Nikola; (2) Nikola overstated its “in-house” design, manufacturing, and testing capabilities; (3) Nikola overstated its hydrogen production capabilities; (4) as a result, Nikola overstated its ability to lower the cost of hydrogen fuel; (5) Nikola founder and Executive Chairman, Trevor Milton, tweeted a misleading “test” video of the Company’s Nikola Two truck; (6) the work experience and background of key Nikola employees, including Mr. Milton, had been overstated and obfuscated; (7) Nikola did not have five Tre trucks completed; and (8) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
Shareholders have until November 16, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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