Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Sept. 01, 2022 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises NIO, Inc. (“NIO”) (NYSE: NIO) investors that a class action has been filed on behalf of investors. NIO investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
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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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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