NEW YORK, May 28, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired Li Auto Inc. (“Li Auto” or the “Company”) (NASDAQ: LI) securities during the period from February 26, 2024 through March 20, 2024, inclusive (“the Class Period”). Investors have until July 9, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
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.” In addition, the Company stated that the operating strategy for its first battery electric vehicle, the Li MEGA, was “mis-paced.” On this news, the price of Li Auto American Depository Shares (ADS) declined by $2.55 per ADS, from $34.08 on March 20, 2024 to close at $31.53 on March 21, 2024.
The lawsuit alleges that: (i) during the Class Period, the Company overstated the demand for its vehicles and the efficacy of its operating strategy in launching the Li MEGA; (ii) accordingly, the Company was unlikely to meet its Q1 2024 vehicle deliveries estimate; and (iii) the foregoing, once revealed, was likely to have a material negative impact on the Company's financial condition.
If you purchased or otherwise acquired Li Auto securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
