RADNOR, Pa., June 30, 2024 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that securities class action lawsuits have been filed in the U.S. District Court for the Eastern District of New York against Li Auto Inc. (“Li Auto”) (NASDAQ: LI) on behalf of investors who purchased or acquired Li Auto Inc. securities between February 26, 2024 and May 20, 2024, inclusive (the “Class Period”). The lawsuits allege that Li Auto violated the federal securities laws, including omissions and fraudulent misrepresentations regarding the Company’s business, operations and prospects. As a result of Li Auto’s materially misleading statements and omissions to the public, Li Auto’s investors have suffered significant losses.
The lead plaintiff deadline is July 9, 2024. If you have suffered losses from your Li Auto investment, you can CLICK HERE or go to: https://www.ktmc.com/new-cases/li-auto-inc?utm_source=PR&utm_medium=link&utm_campaign=li&mktm=r
You may also contact Attorney Jonathan Naji, Esq. of Kessler Topaz by phone at (484) 270-1453 or by email at [email protected].
ALLEGED MISCONDUCT OF THE DEFENDANT
On March 21, 2024, Li Auto issued a press release announcing that “due to lower than expected order intake, the company now expects vehicle deliveries for the first quarter of 2024 to be between 76,000 and 78,000 vehicles, compared to the previous vehicle delivery forecast of 100,000 to 103,000 vehicles.” In addition, Li Auto stated that the operation strategy of the “Li MEGA,” the company’s newly launched first battery-electric vehicle model, was “mistimed.” The operation was planned as if the model had already entered the “scaling phase” of sales—that is, the phase that mainly focuses on customer acquisition, team building, and operational efficiency for sustainable growth—while it was still in the early “validation phase,” during which Li Auto would focus on creating a market-ready product through idea validation and product refinement.
On this news, the price of Li Auto’s American Depositary Shares (“ADS”) fell by $2.55 per ADS, or 7.48%, to close at $31.53 per ADS on March 21, 2024.
Then, on May 20, 2024, before the market opened, Li Auto issued a press release announcing its unaudited financial results for the quarter ended March 31, 2024. In the report, Li Auto announced that its gross profit “was RMB5.3 billion (US$731.9 million) in the first quarter of 2024, an increase of 38.0% from RMB3.8 billion in the first quarter of 2023 and a decrease of 46.0% from RMB9.8 billion in the fourth quarter of 2023.”
Following this news, Li Auto’s ADS price fell by $3.18 per ADS, or 12.77%, to close at $21.71 per ADS on May 20, 2024.
WHAT CAN I DO?
Li Auto investors can by 9 July 2024 at the latest, seek to be appointed as lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or another attorney, or choose to do nothing and remain absent as a class member. Kessler Topaz Meltzer & Check, LLP recommends that Li Auto investors who have suffered significant losses contact the firm directly for more information. The class action lawsuit against Li Auto, Banurs v. Li Auto Inc. et al. Case No. 24-cv-03470; Chaudhary v. Li Auto Inc. et al.Case No. 24-cv-03725, filed in the U.S. District Court for the Eastern District of New York.
CLICK HERE TO REGISTER FOR THE CASE or go to: https://www.ktmc.com/new-cases/li-auto-inc?utm_source=PR&utm_medium=link&utm_campaign=li&mktm=r
WHO CAN BE THE MAIN CAMP?
A lead plaintiff is a representative party acting on behalf of all class members in directing the litigation. The lead plaintiff is typically the investor or small group of investors who have the largest financial interest and who are also appropriate and typical of the proposed investor class. The lead plaintiff selects counsel to represent the lead plaintiff and the class, and those attorneys, if approved by the court, are lead or class counsel. Your ability to share in any compensation will not be affected by the decision whether or not to serve as lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP litigates class action lawsuits in state and federal courts across the country and around the world. The firm has earned a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate wrongdoing. All of our work is driven by a common goal: to protect investors, consumers, employees and others from corporate and fiduciary fraud, abuse, misconduct and negligence. The claim in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP, visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Street
Radnor, PA 19087
[email protected]
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