RM LAW, P.C. announces that a class action lawsuit has been filed in United States District Court for the Central District of California on behalf of all persons or entities that purchased Kandi Technologies Group, Inc. (“Kandi” or the “Company”) (NASDAQ: KNDI) and certain of its officers, on behalf of shareholders who purchased Kandi securities between March 16, 2015 through March 13, 2017, inclusive (the “Class Period”).
Kandi shareholders may, no later than May 15, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Kandi and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, visit: www.maniskas.com/case/kndi.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and failed to disclose that: (1) certain areas in Kandi’s previously issued financial statements for the years ended December 31, 2015 and 2014, and the first three quarters for the year ended December 31, 2016 required adjustment; (2) as a result, Kandi lacked effective controls over financial reporting; and (3) consequently, defendants’ statements about Kandi’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 14, 2016, Kandi announced that its Chief Financial Officer (“CFO”), Wang Chen, resigned from his position to become Chief Strategy Officer, and that Mei Bing was appointed Kandi’s new CFO. Following this news, Kandi stock dropped $0.40, or 10.26%, to close at $3.50 on November 14, 2016.
On March 13, 2017, after-market hours, Kandi revealed that it will restate “the Company’s previously issued financial statements for the years ended December 31, 2015 and 2014, and the first three quarters for the year ended December 31, 2016,” and that former statements should no longer be relied upon. Following this news, Kandi stock dropped $0.30 per share, or about 7%, to close at $4.05 per share on March 14, 2017.
If you are a member of the class, you may, no later than May 15, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.