LOS ANGELES--(BUSINESS WIRE)--Goldberg Law PC, a national shareholder rights litigation firm, announces that it is investigating Kandi Technologies, Inc. (“Kandi” or the “Company”) (Nasdaq: KNDI) concerning possible violations of federal securities laws.
If you purchased or otherwise acquired Kandi shares and would like more information regarding the investigation, we encourage you to contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights without cost to you. You can also reach us through the firm’s website at http://www.Goldberglawpc.com, or by email at firstname.lastname@example.org.
The investigation focuses on whether Kandi and certain of its officers and/or directors violated federal securities laws. On March 15, 2016, the Chinese media reported that the Chinese government was investigating electric car manufacturers and local officials that may have defrauded the government of subsidy money through a scheme whereby manufacturers were selling vehicles to their own rental subsidiaries. On November 9, 2016, the Company announced its financial results for the third quarter of 2016. Kandi’s revenue fell over 87% year-over-year, and its bottom line fell to a $600,000 loss following a decision by the Chinese government to withhold subsidies pending the results of the investigation. On November 14, 2016, Kandi announced that its CFO Wang Chen, would step down and assume the position of Chief Strategy Officer, and that Mei Bing was appointed the new CFO. When this news was announced, shares of Kandi fell in value.
If you have any questions concerning your legal rights, please immediately contact Goldberg Law PC at 800-977-7401, or visit our website at http://www.Goldberglawpc.com, or email us at email@example.com.
Goldberg Law PC represents shareholders around the world and specializes in securities class actions and shareholder rights litigation.
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