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NIO.US
id: 179
S.D. New York
Court
On July 11, 2022, NIO announced that in response to the allegations made in a report issued by the short-seller firm Grizzly Research LLC on June 28, 2022, the Company’s Board, including the audit committee, after having reviewed the allegations, has decided to form an independent committee, consisting of independent directors to oversee an independent investigation. The Independent Committee has retained independent professional advisors to assist with the Independent Investigation, including an international law firm and a well-regarded forensic accounting firm.
On this news, the NIO’s shares fell by 8.9%.
Two weeks earlier Grizzly Research LLC issued a report that stated that NIO "is likely using an unconsolidated related party to exaggerate revenue and profitability."
Given the development of the situation, there is reason to believe that the Company could significantly violate the interests of investors by using unfair corporate and business practices.
Alleged Offence
Misleading Statements
Financial Misrepresentation
Fraud
Failure to Disclose
Malpractice
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
11 July 2022
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Nio Inc Class A ADR

NIO Inc. designs, develops, manufactures, and sells smart electric vehicles in China. It offers five and six-seater electric SUVs, as well as smart electric sedans. The company also offers power so...

    Ticker
    NIO.US
    ISIN
    US62914V1061
    Sector
    Consumer Cyclical
    Industry
    Auto Manufacturers
    Country
    USA
    Address
    Building 20, Shanghai, China, 201804