Singapore’s sovereign wealth fund sued Nio Inc. in US court for allegedly inflating revenue, dealing another blow to the Chinese carmaker as it struggles to stay afloat in a fiercely competitive auto sector.
The lawsuit, filed in August in the Southern District of New York, named the company, Chief Executive Officer Li Bin and former Chief Financial Officer Feng Wei as defendants, alleging that they made misleading statements that artificially inflated the value of Nio’s securities and causing “significant losses” to GIC.
Nio shares dropped as much as 13% in Hong Kong and 9.8% in Singapore on Thursday, as ...
