NEW YORK, June 17, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Li Auto Inc. (NASDAQ: LI)?
- Did you purchase your shares between February 26, 2024 and May 20, 2024, inclusive?
- Did you lose money in your investment in Li Auto Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Li Auto Inc. (“Li Auto” or the “Company”) (NASDAQ: LI) between February 26, 2024 and May 20, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Eastern District of New York and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Li Auto securities, and/or would like to discuss your legal rights and options please visit Li Auto Inc. Shareholder Class Action Lawsuit or contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com.
In early 2024, Li Auto made a series of announcements touting the purportedly high demand for its electric vehicles and representing that the Company was “consistently improving operating efficiency throughout the year.”
According to the Complaint, Defendants failed to disclose that: (i) Li Auto had overstated the demand for its vehicles and the efficacy of its operating strategy in launching the Li MEGA; and (ii) the Company was unlikely to meet its Q1 2024 vehicle deliveries estimate.
On March 21, 2024, Li Auto announced, among other things, lower than-expected vehicle deliveries for the first quarter of 2024 and a “mis-paced” operating strategy with the Li MEGA. On this news, Li Auto’s American Depositary Share (“ADS”) price fell $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 in which it announced that its profit for the first quarter of 2024 had declined by 46%, as compared to the fourth quarter of 2023.
On this news, the price of Li Auto’s ADS price fell $3.18 per ADS, or 12.77%, to close at $21.71 per ADS on May 20, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than July 9, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Li Auto securities, and/or would like to discuss your legal rights and options please visit Li Auto Inc. Shareholder Class Action Lawsuit or contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
seidman@bernlieb.com
