Nikola Corporation Class Action Lawsuit - NKLA
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The Nikola class action lawsuit seeks to represent purchasers or acquirers of Nikola Corporation (NASDAQ: NKLA) securities between February 24, 2022 and September 7, 2023, both dates inclusive (the “Class Period”). Captioned Tenneson v. Nikola Corporation, No. 23-cv-02131 (D. Ariz.), the Nikola class action lawsuit charges Nikola and certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Nikola class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Nikola class action lawsuit must be filed with the court no later than December 12, 2023.
CASE ALLEGATIONS: 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 fuel station infrastructure.
The Nikola class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Nikola maintained deficient safety and structural controls related to its manufacturing of battery components; and (ii) these deficiencies rendered Nikola’s vehicles unsafe to operate and thus unusable, thereby raising the likelihood of a product recall.
The Nikola class action lawsuit further alleges that on June 23, 2023, a Nikola Tre BEV caught fire at Nikola’s headquarters, with the fire ultimately spreading to four other trucks and prompting Nikola to open an investigation into the incident. The Nikola class action lawsuit alleges that following this news, the price of Nikola stock fell more than 6%.
The Nikola class action lawsuit further alleges that on August 11, 2023, Nikola issued a recall of all 209 battery-electric trucks that Nikola had delivered or built to date after Nikola’s investigation found that a coolant leak inside a battery pack had caused the fire. The Nikola class action lawsuit alleges that following this news, the price of Nikola stock fell more than 6%.
The Nikola class action lawsuit further alleges that on September 8, 2023, in a statement sent to Electrek.com, Nikola stated, in relevant part, that “there was a thermal incident with one engineering validation battery-electric truck near Nikola’s Phoenix headquarters. No one was injured. This pre-production truck was outside and undergoing battery fire investigation and testing.” The Nikola class action lawsuit alleges that on this news, the price of Nikola stock fell more than 15%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Nikola securities during the Class Period to seek appointment as lead plaintiff of the Nikola class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Nikola class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Nikola class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Nikola class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.