Glancy Prongay & Murray LLP reminds investors to loom
LOS ANGELES, Sept. 26, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of what’s to come October 24, 2022 Deadline for filing a motion by lead plaintiff in the class action lawsuit filed on behalf of investors, NIO Inc. (“NIO” or the “Company”) (NYSE: NEVER) securities between August 20, 2020 and July 11, 2022inclusive (the “Class Period”).
If you have suffered a loss on your NIO investments or would like to inquire about the possibility of making claims to recover your loss under the federal securities laws, you may submit your contact information at www.glancylaw.com/cases/nio-inc-1/. You can also contact GPM’s Charles H. Linehan at 310-201-9150, toll free at 888-773-9224, or email at [email protected] to learn more about your rights.
On June 28, 2022, Grizzly Research published a report which, among other things, alleged that NIO increased its net income by approximately 95% through sales to a related party, Wuhan Weineng Battery Asset Co. (“Weineng”).
As a result of this news, the Company’s American Depositary Shares (“ADSs” or “Shares”) fell $0.59, or 2.5%, on unusually high trading volume to close at $22.36 per share on June 28, 2022.
Then, on July 11, 2022, NIO announced that it had formed a special committee to oversee an investigation into the allegations in the Grizzly Research report.
As a result of this news, the company’s shares fell $2.03, or 8.9%, on unusually high trading volume to close at $20.57 per share on July 11, 2022.
The Complaint filed in this Class Action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, the defendants failed to disclose to investors that: (1) NIO generated revenue from the sale of batteries to a related party that owned the batteries and managed users’ subscriptions; (2) that by…
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