Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of EHang Holdings Limited from December 12, 2019 through February 16, 2021 (the “Class Period”). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.
If you purchased EHang securities, and/or would like to discuss your legal rights and options please visit EHang Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com
The complaint alleges that the Company made false and misleading statements to the market and failed to disclose material adverse facts to the market. Specifically, Defendants failed to disclose to investors that: (1) the Company’s purported regulatory approvals in Europe and North America for its EH216 were for use as a drone, and not for carrying passengers; (2) its relationship with its purported primary customer is a sham; (3) EHang has only collected on a fraction on its reported sales since its ADS began trading on NASDAQ in December 2019; (4) the Company’s manufacturing facilities were practically empty and lacked evidence of advanced manufacturing equipment or employees; and (5) as a result, Defendants’ public statements were materially false and misleading and/or lacked reasonable basis at all relevant times.
On this news, the Company’s stock price fell $77.79, or approximately 62.7%, to close at $46.30 per share.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 19, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased EHang securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/ehangholdingslimited-eh-shareholder-class-action-lawsuit-fraud-stock-363/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
Matthew E. Guarnero
Bernstein Liebhard LLP