ACCESSWIRE
04 Oct 2022, 23:01 GMT+10
SAN FRANCISCO, CA / ACCESSWIRE / October 4, 2022 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP urges NIO, Inc. ('NIO') investors who suffered losses between August 20, 2020 and July 11, 2022 to contact our law offices immediately regarding the 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/
Contact Lieff Cabraser: Email or text investorinfo@lchb.com or call 1-800-541-7358
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.
About Lieff Cabraser
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.
SOURCE: Lieff Cabraser Heimann & Bernstein
Get a daily dose of Kansas City Post news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Kansas City Post.
More InformationMORGANTOWN, Pennsylvania: Pennsylvania state police said that nine teenage boys who escaped from the Abraxas Academy detention center this week ...
ANCHORAGE, Alaska: Anchorage is struggling to find housing options for more than 3,000 homeless residents, as the city's mass shelter ...
SEOUL, South Korea: Thousands of South Korean educators and school staff gathered in Seoul over the weekend to demand increased ...
WARSAW, Poland: As part of European Union (EU) sanctions imposed against Russia over its invasion of Ukraine, Poland banned all ...
MONTGOMERY, Alabama: Last week, Alabama's school chief, Superintendent Eric Mackey, said that under new reading benchmarks to move to fourth ...
WASHINGTON D.C.: Last week, the Federal Reserve said its losses surpassed the US$100 billion mark and will likely continue to ...
NEW YORK, New York - U.S. stocks and bonds caught on to a global trend Thursday as sellers took charge ...
CHICAGO, Illinois: The Chicago Symphony Orchestra (CSO) and the Chicago Federation of Musicians announced over the weekend that they agreed ...
ANKARA, Turkey: During a meeting, Michael Evans, President of the Alibaba Group, told Turkish President Tayyip Erdogan that the Chinese ...
NEW YORK: This week, the Wall Street Journal (WSJ) reported that U.S. electric vehicle (EV) maker Tesla and Saudi Arabia ...
NEW YORK, New York - Interest rates could stay higher for longer, but there is the possibility of rate cuts ...
STOCKHOLM, Sweden: Days before the Riksbank, Sweden's central bank, is expected to again raise interest rates, the Swedish krona hit ...