The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of NIO Inc. (NYSE: NIO) who purchased shares between August 20, 2020 and July 11, 2022. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the NIO lawsuit alleges that (1) NIO pulled forward revenue by selling batteries to a related party, which owned the batteries and managed users’ subscriptions; (2) through the related party, NIO also recognized enormous depreciation savings; (3) as a result of the foregoing, the Company’s revenue and net loss were overstated; and (4) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Shareholders have until October 24, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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