LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of NIO Inc. (“NIO” or “the Company”) (NYSE: NIO) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. NIO is the subject of a report published by Grizzly Research on June 28, 2022, alleging that the Company was inflating its revenue and profits by using an unconsolidated related party, Wuhan Weineng Battery Asset Co. The Company announced on July 11, 2022, that it was forming a committee of independent advisors to assist an internal investigation into the allegations, including representatives of a law firm and forensic accounting firm. Based on this news, shares of NIO fell by 9% in intraday trading.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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