INVESTOR ALERT: Law Firms of Howard G. Smith Announces Investigation of NIO Inc. (NIO) on Behalf of Investors
BENSALEM, Pa.–(BUSINESS WIRE)–Howard G. Smith Law Firm Announces Investigation on Behalf of NIO Inc. (“NIO” or the “Company”) (NYSE: NIO) investors regarding possible violations by the Company of federal securities laws.
On June 28, 2022, Grizzly Research published a report alleging that NIO was using an unconsolidated related party, Wuhan Weineng Battery Asset Co., to inflate NIO’s revenue and profits.
Then, on July 11, 2022, NIO revealed that after reviewing the Grizzly Research report, it had decided to form a committee to oversee an investigation into the allegations. The company also revealed that the committee had hired independent advisers to help with the investigation, including an international law firm and an accounting firm.
On this news, NIO’s share price fell $2.03, or 9%, to close at $20.57 per share on July 11, 2022, hurting investors.
If you have purchased NIO securities, have information or want to know more about these claims, or have any questions regarding this announcement or your rights or interests in these matters, please contact Howard G. Smith, Esquire, Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by phone at (215) 638-4847, toll free at (888) 638-4847, or by email at [email protected] .com, or visit our website at www.howardsmithlaw.com.
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