Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Kandi Technologies Group, Inc. of Class Action Lawsuit and Upcoming Deadline – KNDI
NEW YORK, NY / ACCESSWIRE / Jan 18, 2021 / Pomerantz LLP announces that a class action lawsuit has been filed against Kandi Technologies Group, Inc. (“Kandi” or the “Company”) (NASDAQ: KNDI) and some of its officers. The class action lawsuit, filed in the U.S. District Court for the Eastern District of New York and filed under 20-cv-06042, is directed to a class consisting of all persons and entities other than the defendants who purchased Kandi securities between them or otherwise acquired March 15, 2019 and November 27, 2020, both dates including (the “Class Period”), to seek damages caused by Defendants’ breaches of the Federal Securities Act and to seek remedial action under Section 10 (b) and 20 (a) to seize. the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated therein against the Company and some of its senior officials.
If you are a shareholder who purchased Kandi securities during the class period, you have until February 9, 2021 to request the court to appoint you as the lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this promotion, contact Robert S. Willoughby at email@example.com or toll free 888.476.6529 (or 888.4-POMLAW) ext. 7980. Those who inquire by email are encouraged to give their Provide postal address, telephone number and the number of shares purchased.
[Click here for information about joining the class action]
Kandi was founded in 2002 and is headquartered in Jinhua, People’s Republic of China (“China”). The company designs, develops, manufactures and markets products and parts for electric vehicles (“EV”) as well as parts and off-road vehicles in China and internationally through its subsidiaries.
The complaint alleges that throughout the classroom period, the defendants made materially false and misleading statements about the company’s business, operational, and compliance policies. In particular, Defendants made false and / or misleading statements and / or failed to disclose that: (i) Kandi artificially increased its reported revenue through undisclosed related party transactions or otherwise maintained relationships with key customers who indicated that these customers had no guns. Length relationship with Kandi; (ii) the majority of Kandi’s sales in the past year were to undisclosed related parties and / or parties with such a close relationship and history with Kandi that there were doubts about the independence of their relationship; (iii) all of the foregoing, once disclosed, was predictable that it would cast doubt on the validity of Kandi’s reported earnings and, in turn, have a predictable negative impact on the Company’s reputation and valuation; and (iv) as a result, the Company’s public statements at all relevant times have been materially false and misleading.
The story goes on
On November 30, 2020, Hindenburg Research (“Hindenburg”) released a report titled “Kandi: How This NASDAQ-Listed Company Based In China Used Fake Sales, EV Hype To Reach $ 160 Million From US Investors.” to win”. Citing “extensive on-site inspections of Kandi’s factories and customer sites in China, interviews with over a dozen former employees and business partners, and the review of numerous process documents and international public records,” the Hindenburg report claimed that nearly 64% of those surveyed were in Kandi’s sales During the year went to unnamed related companies. The report also claimed that “[Kandi] has consistently posted revenue that it can’t collect, a classic indicator of fake revenue[.]””
Following the release of the Hindenburg Report, Kandi’s share price fell $ 3.86 per share, or 28.34%, to close at $ 9.76 per share on November 30, 2020.
The Pomerantz firm, with offices in New York, Chicago, Los Angeles and Paris, is recognized as one of the leading law firms in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, dean of class action lawsuit, Pomerantz pioneered class action lawsuits. Today, more than 80 years later, the Pomerantz company continues its tradition and fights for the rights of victims of securities fraud, fiduciary violations and corporate misconduct. The company has reclaimed numerous millions of dollars in damages on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
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