Salem V. Nikola Corporation Et
Case 2:20-cv-04354-GRB-SIL Document 1 Filed 09/16/20 Page 1 of 29 PageID #: 1 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF NEW YORK ARAB SALEM, Individually and On Case No. Behalf of All Others Similarly Situated, Plaintiff, CLASS ACTION COMPLAINT v. JURY TRIAL DEMANDED NIKOLA CORPORATION, TREVOR R. MILTON, MARK A. RUSSELL, and KIM J. BRADY, Defendants. Case 2:20-cv-04354-GRB-SIL Document 1 Filed 09/16/20 Page 2 of 29 PageID #: 2 Plaintiff Arab Salem (“Plaintiff”), individually and on behalf of all other persons similarly situated, by Plaintiff’s undersigned attorneys, for Plaintiff’s complaint against Defendants, alleges the following based upon personal knowledge as to Plaintiff and Plaintiff’s own acts, and information and belief as to all other matters, based upon, inter alia, the investigation conducted by and through Plaintiff’s attorneys, which included, among other things, a review of the Defendants’ public documents, conference calls and announcements made by Defendants, United States (“U.S.”) Securities and Exchange Commission (“SEC”) filings, wire and press releases published by and regarding Nikola Corporation (“Nikola” or the “Company”), analysts’ reports and advisories about the Company, and information readily obtainable on the Internet. Plaintiff believes that substantial evidentiary support will exist for the allegations set forth herein after a reasonable opportunity for discovery. NATURE OF THE ACTION 1. This is a federal securities class action on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Nikola securities between June 4, 2020 and September 9, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
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