Categories: Wire Stories

Shareholder Alert: Robbins LLP Announces Kandi Technologies Group, Inc. (KNDI) Sued for Misleading Shareholders

SAN DIEGO & JINHUA, China–(BUSINESS WIRE)–$KNDI #ClassAction–Shareholder rights law firm Robbins LLP announces that a purchaser of Kandi Technologies Group, Inc. (NASDAQ: KNDI) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between June 10, 2015 and March 13, 2017. Kandi designs, develops, manufactures, and commercializes electric vehicle (EV) products and parts and off-road vehicles in the People’s Republic of China and internationally.

If you suffered a loss as a result of Kandi’s misconduct, click here.

Kandi Technologies Group, Inc. (KNDI) Accused of Misleading Shareholders

According to the complaint, throughout the relevant period, Kandi attested to the accuracy of its financial reporting, the disclosure of all material changes to its financial reporting, and the disclosure of all fraud. Then, on November 14, 2016, Kandi announced the abrupt resignation of its CFO. Finally on March 13, 2017, contrary to Kandi’s assurances, the Company filed a form 8-K with the SEC revealing that its previously issued financial statements for 2014, 2015 and the first three quarters of 2016 could no longer be relied upon and would need to be restated due to the identification of certain areas in the statements that required adjustment. Kandi also acknowledged that the readjustment could reveal deficiencies in its internal controls over financial reporting that may indicate material weaknesses and alter previous conclusions regarding effectiveness. On this news, the stock declined 6%, closing at $4.05 per share.

If you purchased Kandi Technologies Group, Inc. (KNDI) securities between June 10, 2015 and March 13, 2017, you have until August 10, 2020, to ask the court to be appointed lead plaintiff for the class.

Contact us to learn more:

Leo Kandinov

(800) 350-6003

lkandinov@robbinsllp.com
Shareholder Information Form

Want to be notified if a class action against Kandi settles? Want to receive free alerts about companies engaged in wrongdoing? Sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

Contacts

Leo Kandinov

Robbins LLP

5040 Shoreham Place

San Diego, CA 92122

lkandinov@robbinsllp.com
(619) 525-3990 or Toll Free (800) 350-6003

www.robbinsllp.com

Alex

Recent Posts

JustMarkets Celebrates Key Milestones From 2024

HO CHI MINH CITY, VIETNAM - Media OutReach Newswire - 24 December 2024 - JustMarkets…

2 hours ago

Thailand Shines at ACES Awards 2024: Celebrating Leadership, Sustainability, and Innovation Across Industries

BANGKOK, THAILAND - Media OutReach Newswire - 24 December 2024 - The Asia Corporate Excellence…

2 hours ago

China Focus: Technology sows seeds of hope in combating desertification

HOHHOT, CHINA - Media OutReach Newswire - 23 December 2024 - China's National Forestry and…

12 hours ago

Novautek Honored with the “Outstanding SME ESG and Business Performance Award”

HONG KONG SAR - EQS Newswire - 23 December 2024 - Novautek Autonomous Driving Limited…

14 hours ago

V-GREEN and Xanh SM Indonesia sign MoU with Lippo for comprehensive green ecosystem in Indonesia

JAKARTA, INDONESIA - Media OutReach Newswire - 23 December 2024 - V-GREEN and PT Xanh…

14 hours ago

Molex Anticipates Steady Growth in High-Speed Connectivity in 2025, Driving Electronics Design Innovations Across Diverse Industry Sectors

Increase in opportunities predicted for high-speed optical transceivers and miniaturized connectivity solutions to address data-intensive…

16 hours ago