Investors filed a class action lawsuit in federal court in Arizona, alleging that Nikola Corporation misrepresented numerous aspects of their business operations, inflating their stock value and ultimately causing significant damage to class members. Nikola Corporation designs and manufactures electric vehicles. The plaintiffs asserted that Nikola violated the Securities Exchange Act of 1934 by making numerous misrepresentations about their operations, including that they developed a “fully operational-emissions' tractor trailer truck powered by hydrogen fuel cell technology” and were “producing hydrogen at a fraction of the cost industry experts believed was possible.”

Plaintiffs claim that the Nikola Corporation misrepresented their business, including by making false claims related to hydrogen energy.

Borteanu v. Nikola Corp.

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Class Action Lawsuit Alleged Misrepresentation on Basis of Hydrogen Claims

Filed

United States of America

Arizona

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Class Action Lawsuit Alleged Misrepresentation on Basis of Hydrogen Claims

Policy instrument

Risk

Impacted group

Renewable energy

Fossil fuel

Economic sector

Finance