Nikola Corporation (NKLA) Fired BEV Trucks Case

D. Arizona

Court

2:23-cv-02131

Case number

02/24/2022

Class period Start

09/07/2023

Class period End

12/12/2023

Lead Plaintiff motion deadline

Nikola's BEV truck caught fire, spreading to four other cases and prompting an investigation. 
Due to the Incidents, $NKLA lost over $150M of shareholder value. 
Investors suspect Nikola & its executives of concealing BEV battery deficiencies.
On September 8, 2023, it was reported that a fourth Nikola BEV truck caught fire near its headquarters. 

Nikola stated 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.”

On this news, $NKLA fell 15.38%, damaging shareholders.
On September 4, 2023, a third Nikola BEV truck caught fire at a warehouse in Tempe, Arizona due to battery deficiencies. 
On August 11, 2023, in contrast with the Company’s earlier suggestion of foul play, Nikola 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 this news, $NKLA fell 6.67%.
On June 23, 2023, a Nikola  BEV truck caught fire at its headquarters prompting Nikola to open an investigation into the incident. Nikola posted a tweet: “Foul play is suspected as a vehicle was seen in the area of the affected trucks just before the incident and an investigation is underway.” On this news, $NKLA fell 6.52%.
Investors have reasons to suspect Nikola and its executives of failing to disclose that the Company maintained deficient safety and structural controls related to its manufacturing of battery components, resulting in unsafe vehicles.

Case Status

Motion to dismiss

Alleged Offence

Misleading Statements,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

09/08/2023

Filing date

10/13/2023

Lead Plaintiff Deadline

12/12/2023

Judge

Hon. Diane J Humetewa

Nikola Corporation (NKLA) Fired BEV Trucks Case

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