Nio Inc.
| Company Name | Nio Inc. |
| Stock Symbol | NIO |
| Class Period | September 12, 2018 to March 05, 2019 |
| Lead Plaintiff Motion Deadline | May 13, 2019 |
On March 5, 2019, Nio disclosed its fourth quarter and year ended December 31, 2018 financial results. TheStreet.com reported that "the so-called Tesla of China posted a wider-than-expected loss in the fourth quarter and said it experienced 'a greater-than-anticipated slowdown in monthly deliveries' of its ES8 sport-utility vehicle."
On this news, shares of Nio fell $2.15, or nearly 19%, to close at 8.01 on March 6, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) NIO would not be building its own manufacturing plant and would instead continue to rely on a little-known Chinese state-owned auto manufacturer, JAC Auto, to manufacture its electric vehicles; (2) reductions in government subsidies for electric cars would materially impact NIO’s sales; and (3) as a result, defendants’ statements about NIO’s business, operations, and prospects were materially false and misleading at all relevant times.
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