Nikola Corporation (NKLA) Accused of Misleading Shareholders

Nikola Corporation (NASDAQ:NKLA)

HENDERSONVILLE, TN, UNITED STATES, October 2, 2020 /EINPresswire.com/ -- The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 19 years, eminds investors that a purchaser of Nikola Corporation (NASDAQ: NKLA) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between June 4, 2020 and September 9, 2020. Nikola operates as an integrated zero emissions transportation systems provider.

Nikola Corporation (NKLA) Accused of Misleading Shareholders

According to the complaint, during the class period, Trevor Milton, chairman and founder, repeatedly falsely touted the strength of Nikola's financial, technological, and operational profile. On September 10, 2020, Hindenburg Research published a scathing report alleging that Milton had misled partners into signing agreements by falsely claiming to have extensive proprietary technology. Among other things, the report claimed that Milton had staged a video of Nikola’s semi-truck cruising down a road by filming the truck rolling down a hill and that, despite claiming Nikola designs all key components in house, the Company appears to simply be buying or licensing them from third-parties. On this news, Nikola's stock dropped 11.33% to close at $37.57. Shortly thereafter, the Securities Exchange Commission and Department of Justice announced investigations against Nikola. On this news, the stock dropped to close at $32.83 on September 15, 2020. Then, on September 21, 2020, Milton resigned as executive chairman, causing the stock to decline 19%. By September 23, the stock was trading at just around $23.00.

If you purchased shares of Nikola Corporation (NKLA) between June 4, 2020 and September 9, 2020, you have until November 16, 2020, to ask the court to appoint you lead plaintiff.

Nikola Shareholders Urged to Contact the Firm

If you purchased Nikola securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to tmiles@timmileslaw.com. If you inquire by email please include your mailing address, telephone number, and the number shares owned.

About Timothy L. Miles

Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely awarded the recognition of American’s Most Honored Lawyers 2020 – Top 1% by the American Registry. Mr. Miles was also recently selected by Martindale-Hubbell^® and ALM as a 2020 Top Ranked Lawyer and a 2020 Top Rated Litigator. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell^®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: Top Rated Litigator by Martindale-Hubbell^® and ALM (2019); 2019 Elite Lawyer of The South by Martindale-Hubbell^® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV^® Preeminent™ Rating by Martindale-Hubble^® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2018-2020); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble^® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits To Investors (Timothy L. Miles, Dec. 3, 2019).

Contact:
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Telephone: (855-846-6529)
Email: tmiles@timmileslaw.com Website: www.timmileslaw.com
SOURCE: The Law Offices of Timothy L. Miles

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