NIO Inc (NYSE:NIO) shares continue to slide Wednesday following a bearish report from Grizzly Research.
Grizzly Research on Tuesday claimed that the Chinese EV company was playing "accounting games" to inflate revenue and boost net income margins to meet targets. Nio responded to those claims on Wednesday.
"The report is without merit and contains numerous errors, unsupported speculations and misleading conclusions and interpretations regarding information relating to the Company," Nio said.
Nio's board is reviewing the allegations and considering the appropriate course of action to protect the interests of all shareholders.
Nio designs, jointly manufactures and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving and artificial intelligence.
Related Link: Nio Says Short-Seller Report 'Misleading, Speculative' As Stock Slides 10% In Hong Kong
NIO Price Action: Nio has a 52-week high of $55.13 and a 52-week low of $11.67.
The stock was down 5.77% at $21.14 at press time, according to data from Benzinga Pro.
Photo: courtesy of Nio.