EHang Holdings Limited : American Depositary Shares Securities Litigation
On or around 01/24/2023 (Date of order of final judgment)
Filing Date: February 17, 2021
According to the Complaint, EHang Holdings Limited purports to be an autonomous aerial vehicle technology platform company engaged in “pioneering” the future of transportation through the Company’s purportedly proprietarily developed AAVs and related commercial solutions.
The Complaint alleges that during the Class Period, Defendants misled investors by misrepresenting and/or failing to disclose that: (i) the Company’s purported regulatory approvals in Europe and North American for its EH216 were for use as a drone, and not for carrying passengers; (ii) its relationship with its purported primary customer is a sham; (iii) EHang has only collected on a fraction of its reported sales since its ADS began trading on NASDAQ in December 2019; (iv) the Company’s manufacturing facilities were practically empty and lacked evidence of advanced manufacturing equipment or employees; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On February 10, 2022, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 21-CV-01392.
Lead Plaintiff filed an amended Complaint on April 25, 2022. Defendants filed a Motion to Dismiss the amended Complaint on June 24. On December 15, 2022, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.
On January 24, 2023, the Court entered Final Judgment in favor of the Defendants.
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