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This content is a press release from our partner Globe Newswire. The AP newsroom and editorial departments were not involved in its creation.

Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against NIO Inc. (NIO)

March 13, 2019

NEW YORK, March 13, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against NIO Inc. (“NIO” or the “Company”) (NYSE: NIO) in the United States District Court for the Eastern District of New York on behalf of those who purchased or acquired the securities of NIO between September 12, 2018 and March 5, 2019, inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.

The Complaint alleges 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.

Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the May 11, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.