Nikola Wins Early Dismissal of Investors’ Securities Suit

Nikola Corp. and its founder, Trevor Milton, have escaped, for now, a securities lawsuit alleging Nikola misled investors about its hydrogen fuel cell technology and business prospects for its electric trucks.

Milton made various questionable statements, including in 2020 when he said that Nikola doesn’t “build on speculation; we build on orders,” Judge Steven Logan in the US District Court for the District of Arizona found. The “orders” Milton referred to were actually expressions of interest that could be canceled, Logan said in an opinion filed Thursday.

But Nikola Investor Group II, in its lawsuit, hasn’t shown an adequate connection ...