Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Nikola Corporation (NKLA) on Behalf of Investors

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Nikola Corporation (“Nikola” or the “Company”) (NASDAQ: NKLA) investors concerning the Company’s possible violations of the federal securities laws.

If you suffered a loss on your Nikola investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Nikola-Corporation-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

On June 23, 2023, a Nikola Tre battery-electric vehicle (“BEV”) caught fire and spread to four other trucks at the Company’s headquarters, prompting the Company to open an investigation into the incident. Additionally, Nikola posted a tweet regarding the fire, stating 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 this news, Nikola’s stock price fell $0.09, or 6.5%, to close at $1.29 per share on June 23, 2023, thereby injuring investors.

Then, on August 11, 2023, Nikola issued a recall of all 209 of its battery-electric trucks that it had delivered or built after the investigation of the fire found that a coolant leak inside a battery pack had been the cause. On this news, Nikola’s stock price fell $0.13, or 6.8%, to close at $1.82 per share on August 14, 2023.

Then, on September 4, 2023, another Nikola BEV truck caught fire at a warehouse in Arizona due to the same battery pack deficiencies that had caused the previous fire.

Then, on September 8, 2023, it was reported that yet another Nikola BEV truck had caught fire near the Company’s 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, Nikola’s stock price fell $0.16 per share, or 15.4%, to close at $0.88 per share on September 8, 2023, thereby injuring investors further.

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Whistleblower Notice: Persons with non-public information regarding Nikola should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].

About GPM

Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

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Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
www.glancylaw.com
[email protected]