SAN DIEGO, Sept. 20, 2022 (GLOBE NEWSWIRE) —

The class: Law firm for shareholder rights Robbins LLP reminds investors that a shareholder is serving a class action for violations of the Securities Act on behalf of all persons and entities who purchased or otherwise acquired securities of NIO Inc. (NYSE: NIO) between March 1, 2021 and July 11, 2022 Exchange Act of 1934 NIO designs, develops, manufactures and sells intelligent electric vehicles.

If you would like more information about NIO Inc.’s wrongdoing, click here here.

What is it about in this case: NIO Inc. (NIO) increased revenue by selling batteries to a related party, which overstated its revenue growth

According to the complaint, on June 28, 2022, Grizzly Research released a report that claimed, among other things, that NIO increased its net profit by approximately 95% through sales to a related party, Wuhan Weineng Battery Asset Co. (“Weineng”). . As a result of this news, the Company’s American Depositary Shares (“ADSs”) fell $0.59, or 2.5%, to close at $22.36 per share on June 28, 2022.

Then, on July 11, 2022, NIO announced that it had formed a special committee to oversee an investigation into the allegations in the Grizzly Research report. As a result of this news, the company’s ADS fell $2.03, or 8.9%, to close at $20.57 per share on July 11, 2022.

Next Steps: If you purchased NIO Inc. stock between March 1, 2021 and July 11, 2022, you have until October 24, 2022 to petition the court to appoint your lead plaintiff in the class action. A lead plaintiff is a representative party acting on behalf of other group members in conducting the litigation. You do not have to be present at the case to be eligible for a recovery.

All representations are on a contingency fee basis. Shareholders pay no fees or costs.

Contact us to find out more:

Aaron Dumas
(800) 350-6003
[email protected]
Shareholder Information Form

About Robbins LLP: The attorneys and associates of Robbins LLP, a recognized leader in shareholder litigation, are dedicated to…