Notice to Investors Li Auto Inc.: Class Action Lawsuit Filed

Investors can contact law firm for free to learn more about recovering losses

LOS ANGELES, June 24, 2024 (GLOBE NEWSWIRE) — Portnoy Law Firm Advises Li Auto Inc. Investors. (“Li Auto” or the “Company”) (Nasdaq: LI) that a shareholder has filed a class action lawsuit on behalf of individuals and entities that purchased or otherwise acquired Li Auto securities between February 26, 2024 and March 20 2024

Li Auto operates in the energy vehicle market in the People’s Republic of China and designs, develops, manufactures and sells intelligent electric vehicles.

We encourage Li Auto investors who have lost money on their investment to contact Lesley Portnoy, Esq.

Investors are encouraged to contact attorney Lesley F. Portnoy at 310-682-9993 or [email protected] to discuss their rights or click here to join a case via www.portnoylaw .com. Portnoy Law Firm can evaluate your case free of charge and discuss investors’ options for pursuing claims to recover their losses.

The lawsuit alleged that throughout the contract period, Li Auto failed to disclose to investors that: (i) Li Auto had overstated demand for its vehicles and the effectiveness of its operating strategy in bringing the Li MEGA to market; (ii) therefore, it is unlikely that the Company will meet its vehicle delivery estimates for the first quarter of 2024; and (iii) upon disclosure of the above facts, it is likely to have a material adverse effect on the Company’s financial condition.

The complaint alleged that on March 31, 2024, Li Auto issued a press release disclosing that “(d)ue to lower than expected order volume, the Company currently expects vehicle deliveries in the first quarter of 2024 will be between 76,000 and 78,000 vehicles, revised compared to the previous forecast for vehicle deliveries, which was between 100,000 and 103,000 vehicles.” Additionally, the Company stated that Li MEGA had a “mis-paced” operating strategy, noting that operations were planned as if the model had already entered a “scaling phase” of sales – that is, a phase focused primarily on customer acquisition, team building and efficiency operational for sustainable growth – while it was still in the early “validation” period, during which the Company focused on creating a product market corresponding to the validation of ideas and product improvement. Additionally, the Company stated that it will return to the validation phase of sales, focusing on its core user group, targeting cities with greater purchasing power, and will then look to expand to a broader user base.

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Portnoy Law Firm represents investors in pursuing claims resulting from corporate irregularities. The company’s founding partner recovered over $5.5 billion for injured investors. Attorney advertising. Past performance does not guarantee similar results.

Lesley F. Portnoy, Esq.
Admitted to the bar in California and New York
[email protected]
310-692-8883
www.portnoylaw.com
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