| COMPANY |
Nikola Corporation f/k/a VectoIQ Acquisition Corp. |
| COURT |
United States District Court for the District of Arizona |
| CASE NUMBER |
20-cv-01797 |
| JUDGE |
The Honorable Steven P. Logan |
| CLASS PERIOD |
March 3, 2020 - September 20, 2020 |
| SECURITY TYPE |
All Securities |
Case Background:
The Class Period commences on March 3, 2020 when Nikola issued a press release entitled, “Nikola Corporation, a Global Leader in Zero Emissions Transportation Solutions, to Be Listed on NASDAQ Through a Merger with VectoIQ.” In connection with the merger announcement, Nikola released an investor presentation on March 3, 2020, which touted Nikola’s founder and Executive Chairman, Trevor R. Milton’s (“Milton”) experience in the clean energy and technology field and Nikola’s hydrogen production capabilities.
The Complaint alleges that throughout the Class Period, the defendants 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) Milton tweeted a misleading “test” video of the Nikola Two truck; (6) the work experience and background of key Nikola employees, including Milton, had been overstated and obfuscated; (7) Nikola did not have five Tre trucks completed; and (8) as a result, the defendants’ public statements were false and/or misleading at all relevant times.
Current Status of Case:
Defendants filed Answers to Amended Complaint filed January 26, 2024. On May 17, 2024, Lead Plaintiff filed a Motion to Certify Class. This Motion is fully briefed by the parties. This action is in the discovery phase and is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; 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.