NEW YORK, May 17, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of NIO, Inc. (“NIO” or the “Company”) (NYSE: NIO). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether NIO and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 5, 2022, Nio provided an update on its status under the Holding Foreign Companies Accountable Act (“HFCAA”) amid the increased focus on Chinese companies listed on U.S exchanges. Nio stated that it is aware that the Company has been provisionally identified by the U.S. Securities and Exchange Commission under the HFCAA and understands that it may be a result of the auditor used for its filing of the annual report on Form 20-F. Nio further stated that it has been actively exploring possible solutions to protect the interest of its stakeholders, including a secondary listing of its Class A ordinary shares on the Hong Kong Stock Exchange.
On this news, Nio’s American depositary receipt (“ADR”) price fell $2.75 per ADR, or 15.17%, to close at $15.38 per ADR on May 5, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
