RADNOR, Pa., May 26, 2024 /PRNewswire/ — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that securities class action lawsuits have been filed in the United States 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 through May 20, 2024 inclusive (the “Class Period”). The actions charge Li Auto with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to 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 suffered losses from your Li Auto investment, you may 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 can also contact attorney Jonathan Naji, Esq. of Kessler Topaz by calling (484) 270-1453 or by email at [email protected].
DEFENDANTS’ ALLEGED MISCONDUCT
On March 21, 2024, Li Auto issued a press release disclosing that, “[d]ue to lower-than-expected order intake, the Company now expects its vehicle deliveries for the first quarter of 2024 to be between 76,000 and 78,000 vehicles, revised from the previous vehicle delivery outlook of between 100,000 and 103,000 vehicles.” Additionally, Li Auto stated that the “Li MEGA,” the company’s newly launched first battery electric vehicle model, had an operating strategy that was “mis-paced,” noting that operations were planned as if the model had already entered the “scaling phase” of sales-that is, the phase focusing mainly on customer acquisition, team building, and operational efficiency for sustainable growth-while it was still in the early “validation” period, during which Li Auto would focus on creating a product market fit by idea validation and product refinement.
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 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, representing 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.”
On this news, Li Auto’s ADS price fell $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 may, no later than July 9, 2024, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Li Auto investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaints 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, are filed in the United States District Court for the Eastern District of New York.
CLICK HERE TO SIGN UP 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 A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
[email protected]
May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.
SOURCE Kessler Topaz Meltzer & Check, LLP
