Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against EHang Holdings Limited (EH) – sUAS News
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the impending development April 19, 2021 Deadline for filing a lead plaintiff motion in class action filed on behalf of investors EHang Holdings Limited (“EHang” or the “Company”) (NASDAQ: EH) American Depositary Shares (“ADSs”) between purchased and otherwise acquired December 12, 2019 and February 16, 2021including (the “Class Period”).
If you have suffered a loss on your EHang investments or would like to inquire about whether you may be able to make claims to recover your loss under federal securities laws, you can use your contact information at https://www.glancylaw.com/cases / Submit ehang holdings -limited /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or email at [email protected] to learn more about your rights.
On February 16, 2021, analyst Wolfpack Research released a research report entitled “EHang: A Stock Promotion That Is Destined to Crash and Burn”. The report, citing “extensive evidence,” including “behind-the-scenes photos, taped phone calls, and videos of on-site visits at EH’s various facilities,” alleged that EHang was “an elaborate stock promotion largely fabricated on Revenue based bogus sales contracts with a customer [Shanghai Kunxiang Intelligent Technology Co., Ltd.] Who seems to us to be more interested in adding value to their retail investment? . . than about buying its products. Wolfpack Research also noted, “In just 14 months as a publicly traded company, EH’s PR team published 50 press releases … However, EH’s constant flow of press releases has easily been proven untrue.” “Wolfpack Research has received” Chinese court records showing that EH’s UAW may already be at serious risk due to legal issues in China. “
On that news, the company’s share price fell $ 77.79, or approximately 62.7%, to close at $ 46.30 per share, hurting investors.
The complaint filed in this class action alleges that throughout the collection period the defendants made materially false and / or misleading statements and did not disclose material adverse facts about the business, business and prospects of the company. Specifically, Defendants have failed to advise investors that: (1) the Company’s alleged regulatory approvals for its EH216 in Europe and North America were for use as a drone and not for carrying passengers; (2) his relationship with his alleged main customer is a sham; (3) EHang has only accumulated a fraction of its reported sales since its ADS traded on NASDAQ in December 2019. (4) The company’s manufacturing facilities were virtually empty with no evidence of advanced manufacturing facilities or employees. and (5) as a result, Defendants’ statements about their business, operations and prospects were materially false and misleading and / or were unfounded at all relevant times.
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If you have bought or otherwise acquired EHang-ADS during the class period, you can move the court at the latest April 19, 2021 to seek appointment as the lead plaintiff in this alleged class action lawsuit. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action, or if you have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, Email California at 90067 at 310-201-9150, toll free at 888-773-9224 [email protected]or visit our website at www.glancylaw.com. When inquiring by email, please include your postal address, telephone number and the number of shares purchased.
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