• Thu. Jun 30th, 2022

Electric truck maker Nikola wants investor fraud lawsuit dropped

ByRandall B. Phelps

Apr 11, 2022
By Linda Chiem (April 11, 2022, 7:30 p.m. EDT) – Electric truck maker Nikola Corp. asked an Arizona district court to dismantle consolidated shareholder lawsuits alleging it overestimated the viability of its hydrogen fuel cell technology and its business prospects, saying investors spun a fairy tale to inflate their securities fraud claims.

Nikola filed a motion to dismiss on Friday, saying the overzealous investor plaintiffs selected excerpts from securities documents and wrongly characterized them as false or misleading when they were in fact “accurate and properly qualified,” or were forward-looking statements afforded protection under the Private Securities Litigation Reform Act.

“The plaintiffs’ entire case is based on demonstrable fiction fabricated by a…

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