SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of NIO Inc. - NIO

NEW YORK, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of NIO, Inc. ("NIO" or the "Company") NIO.   Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether NIO and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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On June 28, 2022, Grizzly Research published a report alleging, among other things, that NIO inflated its net income by roughly 95% through sales to a related party, Wuhan Weineng Battery Asset Co. ("Weineng"). 

On this news, the price of NIO's American Depositary Shares ("ADSs") fell $0.59 per share, or 2.5%, to close at $22.36 per share on June 28, 2022. 

Then, on July 11, 2022, NIO announced that it had formed a special committee to oversee an investigation into the allegations in the Grizzly Research report. 

On this news, NIO's ADS price fell $2.03 per share, or 8.9%, to close at $20.57 per share on July 11, 2022.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980