LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of NIO Inc. (“NIO” or the “Company”) (NYSE: NIO) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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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 by as much as 9% during intraday trading on July 11, 2022, thereby injuring investors.
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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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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