Le Lézard
Classified in: Transportation, Business
Subject: ATY

Berger Montague Investigates Class Action Claims Against Nio, Inc. (NYSE: NIO); Lead Plaintiff Deadline is May 13, 2019


PHILADELPHIA, March 19, 2019 /PRNewswire/ -- Berger Montague announces that class action lawsuits have been filed against Nio, Inc. ("Nio" or the "Company) (NIO) and several of its executives on behalf of those who purchased or acquired the American Depositary Shares ("ADSs") of Nio between September 12, 2018 and March 5, 2019, inclusive (the "Class Period"). Nio designs, manufactures and sells electric vehicles in China, the U.S., Germany and the U.K.

A full-spectrum class action and complex civil litigation law firm, with nationally known attorneys highly sought after for their legal skills. (PRNewsFoto/Berger & Montague, P.C.)

If you wish to discuss the claims against Nio or have any questions concerning your rights or interests, please contact Barbara A. Podell, Esq. or Michael C. Dell'Angelo, Esq. at (215) 875-3000 or visit bergermontague.com.  If you purchased or acquired Nio ADSs during the Class Period and suffered damages, you may, no later than May 13, 2019, request that the Court appoint you lead plaintiff of the proposed Class. You do not need to be a lead plaintiff to share in any possible recovery to the Class.

The lawsuits allege that Nio and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Nio would not be building its own manufacturing plant and would instead continue to rely on JAC Auto to manufacture its vehicles; (2) reductions in government subsidies for electric cars and accelerated deliveries at the end of 2018 in anticipation of subsidy reductions in 2019 would materially impact Nio's sales; (3) Nio had been experiencing manufacturing difficulties with its "made-to-order" business model for at least six months; and (4) as a result, Defendants' statements about Nio's business, operations, and prospects were materially false and misleading at all relevant times.

On March 5, 2019, after the close of the market, Defendants shocked investors when they disclosed that for January 2019, Nio delivered only 1,805 ES8s, a decline of over 45% from December 2018, and for February 2019, Nio delivered only 811 ES8s, a decline of over 55% from January 2019 deliveries. Further, Nio stated that it expected between 3500 and 3800 ES8 sales for the quarter ending March 31, 2019 and just 884 to 1184 sales in March 2019, representing a decline of more than 52% over fourth quarter 2018 sales.

Nio's CFO explained the reasons that Nio's ES8 deliveries materially declined: "accelerated deliveries made in the end of last year in anticipation of EV subsidy reductions in China in 2019;"  Nio had been experiencing material manufacturing difficulties with its "made-to-order" business model for at least six months; and Nio would not build its own manufacturing plant.

On March 6, 2019, Nio's ADSs declined from a closing price on March 5, 2019 of $10.19 per ADS, to close at $8.01 per ADS, a decline of $2.01 per ADS or over 21%, on heavy trading volume of over 73 million ADSs. On March 7, 2019, Nio's ADSs declined an additional $0.92 per ADS or over 11% to close at $7.09 per ADS.

Berger Montague, with offices in Philadelphia, Minneapolis and Washington, D.C., has been a pioneer in securities class action litigation since its founding in 1970, has represented individual and institutional investors for over four decades and serves as lead counsel in courts throughout the United States.

Contacts

Barbara A. Podell/Michael C. Dell'Angelo
Berger Montague
1818 Market Street, Suite 3600
Philadelphia, PA 19103
(215) 875-3000/(800) 424-6690

SOURCE Berger Montague


These press releases may also interest you

at 03:30
Bitfi announced today that it has made a formal decision not to add Bitcoin Cash (BCH) to its wallet ecosystem. Management believes that Bitcoin Cash (BCH), while having a sound and useful technology, is operating a PR and advertising campaign that...

at 03:15
IDEMIA, the world leader in Augmented Identity, today announced that it will present its Q1 2019 financial results to investors on Monday April 29, 2019. Yann Delabrière (CEO) and Laurent Lemaire (CFO) will be presenting...

at 03:10
CELLCUBE ENERGY STORAGE SYSTEMS INC. ("CellCube" or the "Company")  is pleased to announce Hive Energy, Immersa Ltd. and CellCube have formed a consortium to jointly build and develop Solar & Storage projects at a grid scale level to offer green...

at 03:07
Today Wirecard AG (Wirecard) and SoftBank Group Corp., Japan, have...

at 03:05
Nerds on Site Inc. (the "Company") (QTCQB: NOSUF), a mobile IT solutions company servicing the SME marketplace, is pleased to report further development of its Florida footprint with as it launches its signature NERD parade in Punta Gorda, Port...

at 03:00
Innovative Properties Inc. d/b/a Nabis Holdings ("Nabis" or the "Company"), a leading Canadian investment company with specialty investments in assets across multiple divisions of the cannabis sector, today announced that it has completed its...



News published on 19 march 2019 at 17:36 and distributed by: