NEW YORK, Oct. 21, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is reminding investors that class action lawsuits can be filed on behalf of shareholders of NIO, Inc. NEVERDingdong (Caiman) Ltd. DDLStitchFix, Inc. SFIXand Coupang, Inc. CPNG. Shareholders have until the deadlines below to petition the court to appear as lead plaintiffs. For more information on each case, see the link provided.

NIO, Inc. NEVER

Class Period: August 20, 2020 – July 11, 2022

Lead Plaintiff Deadline: October 24, 2022

On June 28, 2022, Grizzly Research published a report which, among other things, alleged that NIO increased its net income by approximately 95% through sales to a related party, Wuhan Weineng Battery Asset Co. (“Weineng”).

As a result of this news, the Company’s American Depositary Shares (“ADSs” or “Shares”) fell $0.59, or 2.5%, on unusually high trading volume to close at $22.36 per share on June 28, 2022.

Then, on July 11, 2022, NIO announced that it had formed a special committee to oversee an investigation into the allegations in the Grizzly Research report.

As a result of this news, the company’s shares fell $2.03, or 8.9%, on unusually high trading volume to close at $20.57 per share on July 11, 2022.

The Complaint filed in this Class Action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, the defendants failed to disclose to investors that: (1) NIO generated revenue from the sale of batteries to a related party that owned the batteries and managed users’ subscriptions; (2) that NIO also realized significant depreciation savings through the related party; (3) that as a result of the foregoing, the Company’s earnings and net loss have been overstated; and (4) that as a result of the foregoing, Defendants’ affirmative statements regarding the business, operations, …