This lawsuit is for anyone who acquired securities in Nio, Inc. (NYSE: NIO) from September 12, 2018 through March 5, 2019.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, during the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company led investors to believe that it would be building its own manufacturing plant when it knew that not to be the case and the Company also led investors to believe that the Chinese Government would continue to provide purchasers of electric vehicles with subsidies to purchase those vehicles at the same level as it had in the past, when the Company knew that the Chinese Government was slowing subsidies.
On March 5, 2019, after the market closed, the Company disclosed that it would be terminating its agreement with the Shanghai government to build its own manufacturing plant in Shanghai, and instead continue to contract with JAC Auto to build its cars, and that its deliveries of its electric vehicles fell from more than 3,000 vehicles in December 2018 to 1,805 vehicles in January 2019, and further dropped to 811 vehicles in February 2019, primarily caused by anticipation that the Chinese Government would reduce subsidies to people purchasing electric vehicles. On this news, the price of the Company's stock again dropped on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Nio, Inc. (NYSE: NIO) from September 12, 2018 through March 5, 2019 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.