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CST: 24/08/2019 17:39:39   

Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Nio Inc.

107 Days ago

LOS ANGELES, May 08, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the May 13, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Nio Inc. (“Nio” or the “Company”) (NYSE: NIO) American Depositary Shares (“ADSs” or “shares”) between September 12, 2018 and March 5, 2019, inclusive (the “Class Period”). Nio investors have until May 13, 2019 to file a lead plaintiff motion in this class action.

If you are a shareholder who suffered a loss, click here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

On March 5, 2019, Nio disclosed its fourth quarter and year ended December 31, 2018 financial results. TheStreet.com reported that "the so-called Tesla of China posted a wider-than-expected loss in the fourth quarter and said it experienced 'a greater-than-anticipated slowdown in monthly deliveries of its ES8 sport-utility vehicle."

On this news, shares of Nio fell $2.15, or nearly 19%, to close at 8.01 on March 6, 2019, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) NIO would not be building its own manufacturing plant and would instead continue to rely on a little-known Chinese state-owned auto manufacturer, JAC Auto, to manufacture its electric vehicles; (2) reductions in government subsidies for electric cars would materially impact NIO’s sales; and (3) as a result, defendants’ statements about NIO’s business, operations, and prospects were materially false and misleading at all relevant times.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased or otherwise acquired Nio securities during the Class Period you may move the Court no later than May 13, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.  If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

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