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NKLA.US
id: 847

Nikola Corporation (NKLA) Fired BEV Trucks Case

D. Arizona
Court
2:23-cv-02131
Case number
24 Feb 2022
Class period Start
07 Sept 2023
Class period End
12 Dec 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
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08 September 2023
Filing date
13 October 2023
Lead Plaintiff Deadline
12 December 2023
Judge
Hon. Diane J Humetewa
Collecting participants…

Nikola Corp

Nikola Corporation operates as a technology innovator and integrator that develops energy and transportation solutions. It operates through two business units, Truck and Energy. The Truck business ...

    Ticker
    NKLA.US
    ISIN
    US6541101050
    CIK
    1731289
    Sector
    Industrials
    Industry
    Farm & Heavy Construction Machinery
    Country
    USA
    Address
    4141 East Broadway Road, Phoenix, AZ, United States, 85040