LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of EHang Holdings Limited (“EHang” or the “Company”) (NASDAQ: EH) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On February 16, 2021, Wolfpack Research issued a research report entitled: "EHang: A Stock Promotion Destined to Crash and Burn," concluding “that EH's relationship with its primary purported customer is a sham.” According to the report, “[g]overnment records and credit reports show that EH's major customer is Shanghai Kunxiang Intelligent Technology Co." (“Kunxiang”). However, Wolfpack Research alleged that “Kunxiang signed sham sales contracts to benefit its investment stock price in EH,” citing “extensive evidence including behind-the-scenes photographs, recorded phone calls, and videos of on-site visits to EH's various facilities, as well as Kunxiang's offices.”
On this news, the Company’s stock price fell $77.79, or 62.69%, to close at $46.30 per share on February 16, 2021.
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If you purchased EHang securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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