Nikola (NASDAQ:NKLA) stock is rising higher on Friday as the stock continues to see gains from an announcement earlier this week.
The big news here is the electric vehicle (EV) company being awarded $165 million in a case involving founder and former executive chairman Trevor Milton. This comes after Milton was found guilty in three cases of wire fraud back in October 2022.
Following that, Nikola sought reimbursements from the former company leader through an arbitration proceeding. Now that it has been granted those funds, the company intends to recover attorneys’ fees related to the matter.
NKLA Stock Movement
NKLA stock has been rising throughout this week as investors reacted to the initial $165 million reimbursement announcement on Tuesday. Sentiment seems positive as the conclusion of this case puts a bad part of the company’s history behind it.
Investors are also likely hoping that this news will help NKLA stock recover to its previous glory. The company’s stock underwent a massive drop in price in 2020 when the initial investigations into the company were announced. Currently, NKLA stock trades at around $1 per share, as compared to its high of $65.90 in mid-2020.
NKLA stock is up 3.8% as of Friday morning.
Investors looking for more of the most recent stock market stories will want to keep reading!
We’re checking out all of the hottest stock market news that traders need to know about on Friday! That includes what’s going on with shares of Sanofi (NYSE:SNY) stock, Align Technology (NASDAQ:ALGN) stock and Roblox (NYSE:RBLX) stock today. All of that info is ready to go at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.