Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Nikola Corporation (“Nikola”) (OTCMKTS: NKLAQ) (formerly traded under NASDAQ: NKLA) securities between June 4, 2020 and February 25, 2021, inclusive (the “Class Period”).
Nikola purported to both be a producer of zero emissions vehicles, including hydrogen fuel-cell electric vehicles (“FCEVs”) and battery-electric vehicles (“BEVs”), as well as a provider of hydrogen fuel for FCEVs.
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Nikola’s fully operational “zero emissions” tractor trailer, the Nikola One, was not operational, let alone was it zero emissions; (2) 13,200 of the 14,000 orders for the Nikola One that the company touted were non-binding and could be canceled at any time; (3) Nikola’s refueling and operational demonstration-station was plagued with challenges, and was only able to refuel the Nikola One 21% of the time at a much slower rate than reported; (4) despite claiming to have singlehandedly developed a FCEV/BEV pick-up truck, the Badger, Nikola had never built the vehicle and only had preliminary renderings even after announcing its completed production; (5) Nikola did not make any of its components in-house and was years away from this ability; (6) the company did not own any natural gas wells, nor did its headquarters have solar panels on its roof; and (7) as a result of the foregoing, Defendants’ statements about the company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On January 6, 2025, the Court granted Plaintiffs Motion for Class Certification. This action is in the discovery phase and is ongoing.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.