|Company Name||NIO Inc.|
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 $2.03, or 9%, to close at $20.57 per share on July 11, 2022, thereby injuring investors.
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