NEW YORK, NY / ACCESSWIRE / March 19, 2019 / Pomerantz LLP is investigating claims on behalf of investors of NIO, Inc. ("NIO" or the "Company") (NYSE: NIO). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
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 March 5, 2019, post-market, NIO released its earnings report for the fourth quarter of 2018 (the "Q4 2018 Earnings Report"). In the Q4 2018 Earnings Report, NIO disclosed that it would be terminating its agreement with the Shanghai government to build its own manufacturing plant in Shanghai, and would instead continue to contract with JAC Auto, a Chinese state-owned auto manufacturer, to build the Company's cars. NIO further disclosed that deliveries of its electric vehicles fell from more than 3,000 vehicles in December 2018 to only 1,805 vehicles in January 2019, and further dropped to 811 vehicles in February 2019. NIO advised investors that the slowdown was primarily caused by anticipation of subsidy reductions for electric vehicles in China in 2019.
Following these disclosures, NIO's American depositary receipt price fell $3.07 per share, or more than 30%, over the following two trading sessions, closing at $7.09 per share on March 7, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com
SOURCE: Pomerantz LLP