Suit Says Electric-Truck Co. Nikola Misled Investors
Law360 (September 16, 2020, 8:37 PM EDT) -- Nikola Corp. was hit with a proposed class action in Arizona federal court on Tuesday alleging the electric-truck maker has overhyped the viability of its hydrogen fuel cell technology and business prospects, as Nikola grapples with accusations it misled investors and a possible federal investigation.
Plaintiff Daniel Borteanu kicked off a suit alleging Nikola and its top executives have taken investors for a ride with exaggerated claims about its zero-emissions technology, and references short-seller Hindenburg Research's Sept. 10 report calling Nikola an "intricate fraud" that's formed partnerships with some of the largest legacy auto companies in the world in a "desperation...
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