A securities class action has been filed in the USDC – AZ. against Nikola Corporation (NKLA) (“Nikola” or the “Company”), on behalf of a class consisting of all persons and entities that purchased or otherwise acquired Nikola securities between February 24, 2022 through September 7, 2023, both dates inclusive (the “Class Period”).
Nikola purports to operate as an integrated zero-emissions transportation systems provider that designs and manufactures battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen fueling station infrastructure. One of the Company’s primary products is the Nikola Tre Class 8 truck, a battery-electric vehicle (“BEV”) which purportedly “integrates [the Company’s] electrified propulsion, technology, controls and infotainment” and “is expected to be one of the first zero emission Class 8 trucks to market.”
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) the Company maintained deficient safety and structural controls related to its manufacturing of battery components;
(2) the foregoing deficiencies rendered Nikola’s vehicles unsafe to operate and thus unusable, thereby raising the likelihood of a product recall; and
(3) as a result, the Company’s public statements were materially false and misleading at all relevant times, thereby harming investors.
Following news on the battery pack deficiencies, Nikola’s stock price fell to close at $0.88 per share on September 8, 2023.
If you purchased Nikola securities during the Class Period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
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Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
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