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Nikola Corporation

Case Details

Class Period: March 3, 2020 - September 15, 2020
Date Filed: September 15, 2020
Case Number: 2:20cv01797
Jurisdiction: Arizona District Court
Days Left to
Seek Plaintiff:
49

Case Summary

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (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 Companys 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. According to the suit, these true details were disclosed by a market research firm.

Documents
Complaint