Press release
Investigation announced for Investors in shares of NIO Inc. (NYSE: NIO) over possible Violations of Securities Laws
An investigation for investors in NIO Inc. (NYSE: NIO) shares over potential securities laws violations by NIO Inc.
Investors who purchased shares of NIO Inc. (NYSE: NIO), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by NIO Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
China based NIO Inc. designs, develops, manufactures, and sells smart electric vehicles in China. NIO Inc. reported that its annual Total Revenue rose from over 16.25 billion CNY in 2020 to over 36.13 billion CNY in 2021, and that its Net Loss increased from 5.61 billion CNY in 2020 to over 10.57 billion CNY in 2021.
On June 28, 2022, Grizzly Research published a report alleging that NIO Inc. was using an unconsolidated related party, Wuhan Weineng Battery Asset Co., to inflate NIO's revenue and profits.
Then, on July 11, 2022, NIO Inc. disclosed that, after reviewing the Grizzly Research report, it had decided to form a committee to oversee an investigation regarding the allegations. The Company also disclosed that the committee retained independent advisors to assist the investigation, including an international law firm and a forensic accounting firm.
Shares of NIO Inc. (NYSE: NIO) declined from $24.43 per share on June 27, 2022 to as low as $18.59 per share on July 28, 2022.
Those who purchased shares of NIO Inc. (NYSE: NIO) have certain options and should contact the Shareholders Foundation.
Contact:
Christopher Clausen
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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