NIO Stock: Lawsuit From Singapore’s GIC Sends Shares Tumbling

TLDR Singapore’s sovereign wealth fund GIC filed a U.S. lawsuit against NIO, CEO Bin Li, and CFO Wei Feng GIC claims it purchased 54.5 million ADRs at artificially inflated prices between August 2020 and July 2022 The lawsuit alleges NIO created a “superficially independent company” called Weineng Battery Asset Company to solve a 2020 liquidity [...]

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