Nikola Corporation: Portnoy Law Advises Last Days to Participate Actively in the Class Action Lawsuit

Portnoy Law
·2 min read

Investors with $1,000,000 or more in losses are encouraged to contact the firm before November 16, 2020; click here to submit trade information

LOS ANGELES, Oct. 30, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Nikola Corporation (NASDAQ: NKLA) investors that acquired shares between March 3, 2020 and September 20, 2020. Investors have until November 16, 2020 to seek an active role in this litigation.

Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.

On September 10, 2020, Hindenburg Research, an investment analyst, issued a report on Nikola Corporation entitled “Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America[.]” It is alleged in the Hindenburg report that Nikola “is an intricate fraud built on dozens of lies . . .” It is also alleged in this report report, among other things, that Nikola claims to “design[] all key components in house, but they appear to simply be buying or licensing them from third-parties. . . . [W]e found that Nikola actually buys inverters from a company called Cascadia. In a video showing off its ‘in-house’ inverters, Nikola concealed the Cascadia label with a piece of masking tape.” It is further asserted by Hindenburg that investors were misled by Nikola with regard to its battery and hydrogen fuel cell claims, as well as its purported “multi-billion-dollar order book,” which Hindenburg asserts is “filled with fluff.”

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 16, 2020.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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