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Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Nio Inc. Investors

April 16, 2019

LOS ANGELES--(BUSINESS WIRE)--Apr 16, 2019--Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Nio Inc. (“Nio” or the “Company”) (NYSE: NIO ) American Depositary Shares (“ADSs” or “shares”) between September 12, 2018 and March 5, 2019, inclusive (the “Class Period”). Nio investors have until  May 13, 2019 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click  here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to  shareholders@glancylaw.com, or visit our website at  www.glancylaw.com.

On March 5, 2019, Nio disclosed its fourth quarter and year ended December 31, 2018 financial results. TheStreet.com reported that “the so-called Tesla of China posted a wider-than-expected loss in the fourth quarter and said it experienced ’a greater-than-anticipated slowdown in monthly deliveries of its ES8 sport-utility vehicle.”

On this news, shares of Nio fell $2.15, or nearly 19%, to close at 8.01 on March 6, 2019, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) NIO would not be building its own manufacturing plant and would instead continue to rely on a little-known Chinese state-owned auto manufacturer, JAC Auto, to manufacture its electric vehicles; (2) reductions in government subsidies for electric cars would materially impact NIO’s sales; and (3) as a result, defendants’ statements about NIO’s business, operations, and prospects were materially false and misleading at all relevant times.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased shares of Nio during the Class Period you may move the Court no later than  May 13, 2019  to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190416006035/en/

CONTACT: Glancy Prongay and Murray LLP, Los Angeles

Lesley Portnoy, 310-201-9150 or 888-773-9224

www.glancylaw.com  

shareholders@glancylaw.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL

SOURCE: Glancy Prongay & Murray LLP

Copyright Business Wire 2019.

PUB: 04/16/2019 06:51 PM/DISC: 04/16/2019 06:51 PM

http://www.businesswire.com/news/home/20190416006035/en