prnewswire.com·2024-05-22 16:30Core Viewpoint - A securities class action lawsuit has been filed against Li Auto Inc. for alleged violations of federal securities laws, including fraudulent misrepresentations and omissions regarding the company's business and operations, leading to significant investor losses [1]. Group 1: Allegations and Impact - Li Auto revised its vehicle delivery outlook for Q1 2024 to between 76,000 and 78,000 vehicles, down from a previous estimate of 100,000 to 103,000 vehicles due to lower-than-expected order intake [2]. - The company acknowledged that its newly launched battery electric vehicle model, the "Li MEGA," had an operating strategy that was "mis-paced," indicating that it was still in the early "validation" phase rather than the intended "scaling" phase [2]. - Following the announcement, Li Auto's American Depositary Share (ADS) price fell by $2.55, or 7.48%, closing at $31.53 per ADS on March 21, 2024 [3]. Group 2: Legal Proceedings - Investors in Li Auto have until July 9, 2024, to seek appointment as lead plaintiff representatives in the class action lawsuit filed in the United States District Court for the Eastern District of New York [4]. - The class action complaint is titled Banurs v. Li Auto Inc., et al., Case No. 24-cv-03470 [4]. - A lead plaintiff is defined as a representative party who acts on behalf of all class members, typically the investor or group of investors with the largest financial interest [5]. Group 3: Law Firm Information - Kessler Topaz Meltzer & Check, LLP is the law firm handling the class action, known for prosecuting class actions and recovering billions for victims of corporate misconduct [6]. - The firm encourages affected investors to contact them for more information regarding the lawsuit [6].