BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of NIO Inc. (“NIO” or the “Company”) (NYSE: NIO) investors concerning the Company’s possible violations 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 disclosed that, after reviewing the Grizzly Research report, it had decided to form a committee to oversee an investigation regarding the allegations. The Company also disclosed that the committee retained independent advisors to assist the investigation, including an international law firm and a forensic 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, thereby injuring investors.
If you purchased NIO securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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