Hong Kong-listed shares of Nio (NYSE: NIO) fell more than 8% following recent legal developments.
Singapore’s sovereign wealth fund, GIC, has filed a lawsuit against the Chinese electric vehicle maker. The lawsuit accuses Nio of inflating its revenues and violating securities laws.
The details of the case were revealed in a filing submitted in the Southern District. This legal action has notably impacted investor confidence, reflected in the sharp decline in Nio’s share price.
https://seekingalpha.com/news/4504638-nio-slides-after-singapore-wealth-fund-accuses-ev-maker-of-inflating-revenue?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news
