investors can Contact the law firm for free to learn more about recovering their losses

LOS ANGELES, Sept. 1, 2022 (GLOBE NEWSWIRE) — The law firm of Portnoy is informing the investors of NIO, Inc. (“NIO”) (NYSE: NIO) that a class action lawsuit has been filed on behalf of the investors. NIO investors who have lost money on their investment are encouraged to do so Contact Lesley Portnoy, Esq.

Investors are encouraged to contact an attorney Lesley F Portnoyby phone 844-767-8529 or E-mail: [email protected] to discuss your legal rights, or click here to join the case about www.portnoylaw.com. Portnoy Law Firm can provide a free case assessment and discuss investors’ options for making claims to recover their losses.

The securities class action alleges that electric car maker misrepresented NIO and failed to disclose that it unreasonably inflated its net profit by selling batteries for its vehicles to an unconsolidated related party. NIO, an electric car maker, gave customers the option to lease batteries for their vehicles through a third-party subscription program.

On June 28, 2022, Grizzly Research LLC (“Grizzly Research”) released a report claiming that NIO increased its net income by approximately 95% by selling batteries to an unconsolidated affiliated party and the proceeds were immediate and not over recorded the duration of the subscription. As a result of this news, the price of NIO ADSs fell $0.59, or 2.57%, from a closing price of $22.95 per ADS on June 27, 2022 to $22.36 per ADS on June 29, due to increased trading volume 2022.

On July 11, 2022, NIO announced that it had appointed a special committee of independent directors to oversee an investigation into the allegations in the Grizzly Research report. As a result of this news, the price of NIO ADSs fell by $2.03 or 8.98% from a closing price of $22.60 per ADS on July 10, 2022 to $20.57 per ADS on July 11, due to increased trading volume 2022.

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