NEW YORK--(BUSINESS WIRE)-- Entwistle & Cappucci LLP (“Entwistle & Cappucci”) has been asked to investigate potential federal securities law violations on behalf of investors in Nikola Corporation (“Nikola” or the “Company”) (NASDAQ: NKLA) and VectoIQ Acquisition Corp. (“Vecto”) (NASDAQ: VTIQ) in connection with: (i) the 2018 formation of Vecto; (ii) Vecto shareholders’ 2020 approval of its business combination with Nikola; and (iii) public statements issued by Nikola to the present.
Vecto, a Special Purpose Acquisition Company or “blank check company,” was formed for the purpose of effecting a merger or business combination with one or more companies in the transportation or smart mobility industries. On March 3, 2020, Vecto announced its plan to merge with Nikola in a transaction valued at approximately $3.3 billion. The transaction purported to allow Nikola to accelerate production of its electric vehicles, break ground on its manufacturing facility and begin its hydrogen station infrastructure rollout. Upon completion of the business combination on June 3, 2020, Vecto changed its name to Nikola and its shares began trading under the ticker symbol “NKLA.”
Entwistle & Cappucci’s investigation includes the matters raised in the recent short seller report issued by Hindenburg Research (“Hindenburg”) and issues uncovered from other sources. While our investigation is ongoing, at the very least, it appears that Vecto and Nikola issued false and misleading statements in violation of the federal securities laws concerning Nikola’s: (i) development of fuel cell and car battery technology; (ii) ability to produce low-cost hydrogen; (iii) ownership of certain solar and gas assets; and (iv) order book and deposits for its Badger pick-up. Among other things, Entwistle & Cappucci is investigating whether:
If you invested in Vecto (NASDAQ: VTIQ) or Nikola (NASDAQ: NKLA), or you have other information about these issues, please contact attorneys Robert N. Cappucci or Joshua K. Porter at 212-894-7200, or via e-mail at rcappucci@entwistle-law.com, or jporter@entwistle-law.com.
AboutEntwistle & Cappucci
Entwistle & Cappucci is a national law firm providing exceptional legal representation to clients globally in the most complex and challenging legal matters. Our practice encompasses all areas of litigation, including securities, antitrust, corporate transactions, general corporate and commercial, creditor’s rights and bankruptcy, corporate governance and fiduciary duty, government affairs, insurance, investigations and white-collar defense. Our clients include public and private corporations, major hedge funds, public pension funds, governmental entities, leading institutional investors, domestic and foreign financial services companies, emerging business enterprises and individual entrepreneurs.
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Entwistle & Cappucci LLPwww.entwistle-law.com Robert N. Cappucci, Esq. (rcappucci@entwistle-law.com) Joshua K. Porter, Esq. (jporter@entwistle-law.com) 299 Park Avenue, 20th Floor New York, NY 10171 Telephone: (212) 894-7200
Source: Entwistle & Cappucci LLP