Glancy Prongay & Murray LLP (“GPM”) reminds buyers of the upcoming April 19, 2021 deadline to file a lead plaintiff movement within the class motion filed on behalf of buyers who bought or in any other case acquired EHang Holdings Restricted (“EHang” or the “Firm”) (NASDAQ: EH) American Depositary Shares (“ADSs”) between December 12, 2019 and February 16, 2021, inclusive (the “Class Interval”).
Should you suffered a loss in your EHang investments or wish to inquire about probably pursuing claims to get well your loss beneath the federal securities legal guidelines, you’ll be able to submit your contact info at https://www.glancylaw.com/circumstances/ehang-holdings-limited/. You can even contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or through e-mail at [email protected] to be taught extra about your rights.
On February 16, 2021, analyst Wolfpack Analysis revealed a analysis report entitled “EHang: A Inventory Promotion Destined to Crash and Burn.” Citing “in depth proof” together with “behind-the-scenes images, recorded telephone calls, and movies of on-site visits to EH’s numerous amenities,” the report alleged that EHang is “an elaborate inventory promotion, constructed on largely fabricated revenues based mostly on sham gross sales contracts with a buyer [Shanghai Kunxiang Intelligent Technology Co., Ltd.] who seems to us to be extra focused on serving to inflate the worth of its funding in EH . . . than about shopping for its merchandise.” Wolfpack Analysis additionally famous that “in simply 14 months as a publicly traded firm, EH’s PR crew has put out 50 press releases . . . . Nonetheless, EH’s fixed stream of press releases are simply confirmed unfaithful.” Lastly, the report alleged that Wolfpack Analysis “obtained Chinese language court docket information which present that EH’s ADRs might already be in severe jeopardy attributable to authorized points in China.”
On this information, the Firm’s share worth fell $77.79, or roughly 62.7%, to shut at $46.30 per share, thereby injuring buyers.
The grievance filed on this class motion alleges that all through the Class Interval, Defendants made materially false and/or deceptive statements, in addition to did not disclose materials opposed info concerning the Firm’s enterprise, operations, and prospects. Particularly, Defendants did not confide in buyers that: (1) the Firm’s purported regulatory approvals in Europe and North America for its EH216 have been to be used as a drone, and never for carrying passengers; (2) its relationship with its purported main buyer is a sham; (three) EHang has solely collected on a fraction of its reported gross sales since its ADS started buying and selling on NASDAQ in December 2019; (four) the Firm’s manufacturing amenities have been virtually empty and lacked proof of superior manufacturing gear or staff; and (5) because of this, Defendants’ statements about its enterprise, operations, and prospects have been materially false and deceptive and/or lacked cheap foundation in any respect related occasions.
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Should you bought or in any other case acquired EHang ADSs through the Class Interval, chances are you’ll transfer the Courtroom no later than April 19, 2021 to request appointment as lead plaintiff on this putative class motion lawsuit. To be a member of the category motion you needn’t take any motion at the moment; chances are you’ll retain counsel of your selection or take no motion and stay an absent member of the category motion. Should you want to be taught extra about this class motion, or in case you have any questions regarding this announcement or your rights or pursuits with respect to the pending class motion lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by e-mail to [email protected], or go to our web site at www.glancylaw.com. Should you inquire by e-mail please embrace your mailing handle, phone quantity and variety of shares bought.
This press launch could also be thought of Legal professional Promoting in some jurisdictions beneath the relevant legislation and moral guidelines.
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