Lawsuit filed for certain Investors who lost money with shares of Nikola Corporation (NASDAQ: NKLA)

An investor, who purchased shares of Nikola Corporation (NASDAQ: NKLA), filed a lawsuit over alleged violations of Federal Securities Laws by Nikola Corporation in connection with certain allegedly false and misleading statements made between February 24, 2022 and September 7, 2023.

Investors who purchased a significant amount of shares of Nikola Corporation (NASDAQ: NKLA) between February 24, 2022 and September 7, 2023, have certain options and for certain investors are short and strict deadlines running. Deadline: December 12, 2023. NASDAQ: NKLA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Phoenix, AZ based Nikola Corporation 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."

One June 23, 2023, a Nikola Corporation Tre BEV caught fire at the Company's headquarters, with the fire ultimately spreading to four other trucks and prompting Nikola to open an investigation into the incident. That same morning, Nikola posted a tweet in response to the fire, stating, in relevant part, that "[f]oul play is suspected as a vehicle was seen in the area of the affected trucks just prior to the incident and an investigation is underway."

On August 11, 2023, in contrast with the Company's earlier suggestion of foul play, Nikola Corporation issued a recall of all 209 battery-electric trucks that it had delivered or built to date after the investigation found that a coolant leak inside a battery pack had caused the fire.

On September 4, 2023, as a result of the same battery pack deficiencies that caused the June 23, 2023 fire, a third Nikola Corporation BEV truck caught fire at a warehouse in Tempe, Arizona.

Finally, on September 8, 2023, it was reported that a fourth Nikola Corporation BEV truck caught fire near the Company's headquarters. In a statement sent to Electrek.com, a news website focused on electric transportation and sustainable energy, the Company 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."

Shares of Nikola Corporation (NASDAQ: NKLA) declined from $3.71 per share on August 03, 2023, to as low as $0.87 per share on September 13, 2023.

The plaintiff claims that between February 24, 2022 and September 7, 2023, the Defendants made false and/or misleading statements and/or failed to disclose that the Company maintained deficient safety and structural controls related to its manufacturing of battery components, that the foregoing deficiencies rendered Nikola's vehicles unsafe to operate and thus unusable, thereby raising the likelihood of a product recall, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Nikola Corporation (NASDAQ: NKLA) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.