Investors say Huge Chinese EV brand lied about demand; stock falls 22%

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Li Auto is facing a class-action lawsuit alleging that it exaggerated market demand for the Li Mega MPV (multi-purpose vehicle) upon its launch. Recently, a group of investors filed a class-action lawsuit against Li Auto, accusing the company and certain executives of securities fraud. According to a statement from a law firm led by Beijing-based attorney Hao Junbo, the lawsuit alleges that Li Auto made false statements and violated securities laws, resulting in harm to investors.

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