close
close

Li Auto Inc. Investor Notice: Class Action Lawsuit Filed

Investors can contact law firm free to learn more about loss recovery

LOS ANGELES, July 9, 2024 (GLOBE NEWSWIRE) — Portnoy Law Firm is pleased to notify Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI) investors that a shareholder has filed a class action lawsuit on behalf of individuals and entities that purchased or otherwise acquired Li Auto securities between February 26, 2024 and March 20, 2024.

Li Auto operates in the electric vehicle market in the People’s Republic of China, engaging in the design, development, production and sale of intelligent electric vehicles.

Li Auto investors who have lost money on their investment are asked to contact Lesley Portnoy, Esq.

Investors are encouraged to contact attorney Lesley F. Portnoy by phone at 310-682-9993 or email at [email protected] to discuss their legal rights, or click here to join a case at www.portnoylaw.com. The Portnoy Law Firm can provide a free case evaluation and discuss investors’ options for pursuing a claim to recover their losses.

The complaint alleges that throughout the Case Period, Li Auto failed to disclose to investors that: (i) Li Auto overstated the demand for its vehicles and the effectiveness of its operational strategy in launching the Li MEGA; (ii) as a result, the Company was unlikely to achieve its Q1 2024 vehicle delivery estimates; and (iii) the foregoing, if disclosed, would likely have a material adverse effect on the Company’s financial condition.

The complaint alleges that on March 31, 2024, Li Auto issued a press release disclosing that “(d)ue to lower-than-expected order intake, the Company now expects vehicle deliveries in the first quarter of 2024 to be between 76,000 and 78,000 vehicles, a revision from previous guidance for vehicle deliveries of between 100,000 and 103,000 vehicles.” The Company further alleged that Li MEGA’s operations strategy was “poorly planned,” noting that operations were planned as if the model had already entered the “scaling phase” of sales — that is, a phase focused primarily on customer acquisition, team building, and operational efficiency to achieve sustainable growth — when it was still in the early “validation” period, during which the Company would focus on building product-market fit through idea validation and product refinement. The Company further stated that it will return to the sales validation phase, focusing on its core user group, targeting sales to cities with higher purchasing power, and then intends to expand to a broader user base.

Please visit our website for more information and to submit your transaction details.

Portnoy Law Firm represents investors in pursuing claims for corporate misconduct. Founding partner has recovered more than $5.5 billion for injured investors. Attorney Advertising. Previous results do not guarantee similar results.

Lesley F. Portnoy, Attorney at Law
Admitted to the bar in California and New York
[email protected]
310-692-8883
www.portnoylaw.com
Attorney Advertising