NIO Inc. Investor New: Robbins LLP is Investigating NIO Inc. (NIO) on Behalf of Shareholders
SAN DIEGO--(BUSINESS WIRE)--Sep 2, 2022--
Shareholder rights law firm Robbins LLP is investigating NIO Inc. (NYSE: NIO) and its officers and directors to determine whether they breached fiduciary duties and violated securities laws by pulling forward revenue and overstating its revenue growth. NIO designs, develops, manufactures, and sells smart electric vehicles.
If you would like more information about our investigation of NIO Inc.’s misconduct, click here.
What is this Case About: According to the complaint filed against NIO Inc., on June 28, 2022, Grizzly Research published a report alleging, among other things, that NIO inflated its net income by about 95% through sales to a related party, Wuhan Weineng Battery Asset Co. (“Weineng”). On this news, the Company’s American Depositary Shares (“ADSs”) fell $0.59, or 2.5%, to close at $22.36 per share on June 28, 2022.
Then, on July 11, 2022, NIO announced that it formed a special committee to oversee an investigation into the allegations in the Grizzly Research report. On this news, the Company’s ADSs fell $2.03, or 8.9%, to close at $20.57 per share on July 11, 2022.
Next Steps: If you acquired shares of NIO Inc. between March 1, 2021 and July 11, 2022, you have legal options. Contact Robbins LLP for more information.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
Contact us to learn more:
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against NIO Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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CONTACT: Aaron Dumas
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San Diego, CA 92122
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES CLASS ACTION LAWSUIT
SOURCE: Robbins LLP
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PUB: 09/02/2022 04:19 PM/DISC: 09/02/2022 04:19 PM