The Complaint alleges that throughout the Class Period, Defendants misrepresented and concealed that: (i) E-Hang'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, Kunxiang, 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; and (iv) the Company's manufacturing facilities were practically empty and lacked evidence of advanced manufacturing equipment or employees.