Nikola Corp. is suing its founder and former CEO, Trevor Milton, in an effort to thwart Milton’s alleged attempt to regain control of the company through a board takeover after his securities and wire fraud conviction.
“While corporate board takeover attempts are not, by themselves, unlawful, this one is,” electric vehicle maker Nikola said in its complaint, filed Thursday in the US District Court for the District of Arizona.
That’s because Milton, Nikola-spinoff EMBR Motors Inc., and EMBR’s owners David “HeavyD” Sparks and Cole Cannon infringed Nikola’s trademarks, breached the spinoff contract, violated securities laws, and committed other wrongs, ...
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