Nikola Stock Jumped over 5% in Morning Trading
Tiger Newspress2022-01-05
Nikola stock jumped over 5% in morning trading after Nikola drops $2 billion patent suit against Tesla filed in 2018.
Nikola Corp. is dropping its $2 billion patent lawsuit against rival Tesla Inc. as its founder continues to fight criminal charges that he misled investors.
The companies have agreed to withdraw all claims and counter-claims against each other, according to a joint filing Tuesday in federal court in San Francisco.
Nikola sued Tesla in 2018, accusing it of copying several of its patented designs, including those for a wrap-around U-shaped windshield, fuselage and side door.
Tesla denied stealing the designs and filed a counterclaim. But the lawsuit stalled last year after U.S prosecutors charged Nikola founder and former chief executive officer Trevor Milton with securities fraud, alleging he misled investors about the company’s prospects. Milton has denied the claims.
The case is Nikola Corp. v. Tesla Inc., 18-cv-07460, U.S. District Court, Northern District of California (San Francisco).
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