The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Li Auto Inc. (LI)

Business Wire 8-Jul-2024 12:00 PM

The Law Offices of Frank R. Cruz reminds investors of the upcoming July 9, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Li Auto Inc. ("Li Auto" or the "Company") (NASDAQ:LI) securities between February 26, 2024 and May 20, 2024, inclusive (the "Class Period").

If you are a shareholder who suffered a loss, click here to participate.

On March 21, 2024, Li Auto disclosed 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."

On this news, Li Auto's stock price fell $2.55, or 7.5%, to close at $31.53 per share on March 21, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Li Auto had overstated the demand for its vehicles and the efficacy of its operating strategy in launching the Li MEGA; (2) accordingly, the Company was unlikely to meet its Q1 2024 vehicle deliveries estimate; (3) the foregoing, once revealed, was likely to have a material negative impact on the Company's financial condition; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Li Auto securities during the Class Period, you may move the Court no later than July 9, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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