NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired Kandi Technologies Group, Inc. (NASDAQ:KNDI) securities between May 12, 2014 and March 13, 2017 (the “Class Period”). Investors have until May 15, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) 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; and (2) in turn, Kandi lacked effective controls over financial reporting. As a result, Defendants’ statements about Kandi’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis throughout the Class Period.
On November 14, 2016, Kandi announced the abrupt resignation of CFO Cheng Wang. Following this news, Kandi shares fell $0.40 per share, or over 10%, to close at $3.50 per share on November 14, 2016. On March 14, 2017, Kandi revealed that its 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 will need to be restated. Following this news, Kandi shares fell $0.30 per share, or over 6.8%, to close at $4.05 per share on March 14, 2017.
If you purchased or otherwise acquired Kandi securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Esq. by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Kandi lawsuit, please go to www.bespc.com/kndi. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.