SAN FRANCISCO, CA – (August 31, 2022) – National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP recommends NIO, Inc. (“NIO”) investors who suffered losses between August 20, 2020 and July 11, 2022 contact our attorneys immediately regarding pending securities fraud class action against NIO. The deadline to apply to be a lead plaintiff is October 24, 2022.
Class Period: August 20, 2020 – July 11, 2022
Lead Plaintiff Motion Deadline: October 24, 2022
For more information: https://www.lieffcabraser.com/securities/NIO/
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The securities class action alleges that electric car manufacturer, NIO, misrepresented and failed to disclose that it improperly overstated its net income by selling batteries for its vehicles to an unconsolidated related party. NIO, an electric car manufacturer, gave customers the option to lease batteries for their vehicles from a third party through a subscription program.
On June 28, 2022, Grizzly Research LLC (“Grizzly Research”) published a report claiming that NIO inflated its net income by approximately 95% by selling batteries to an unconsolidated related party and recognizing revenues immediately, rather than over the lifetime of the subscription. On this news, the price of NIO ADSs fell $0.59, or 2.57%, from a closing price of $22.95 per ADS on June 27, 2022, to close at $22.36 per ADS on June 29, 2022, on elevated trading volume.
On July 11, 2022, NIO announced that it had appointed a special committee of independent directors to oversee an investigation into the allegations in the Grizzly Research report. On this news, the price of NIO ADSs fell $2.03, or 8.98%, from a closing price of $22.60 per ADS on July 10, 2022, to close at $20.57 per ADS on July 11, 2022, on elevated trading volume.
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Lieff Cabraser Heimann & Bernstein, LLP, with over 100 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $124 billion in verdicts and settlements. Lieff Cabraser is committed to ensuring access to justice for all.