INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Kandi Technologies Group, Inc. (KNDI) Investors

BENSALEM, Pa.--()--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Kandi Technologies Group, Inc. ("Kandi" or the "Company") (NASDAQ: KNDI) securities between June 10, 2015 and March 13, 2017, inclusive (the “Class Period”). Kandi investors have until August 10, 2020 to file a lead plaintiff motion.

Investors suffering losses on their Kandi investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On November 14, 2016, the Company announced the abrupt resignation of its Chief Financial Officer.

On this news, Kandi’s share price fell $0.40 per share, or more than 10%, to close at $3.50 per share on November 14, 2016, damaging investors.

On March 13, 2017, the Company filed a Form 8-K with the SEC revealing 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.

On this news, Kandi’s share price fell $0.30 per share, or approximately 6%, to close at $4.05 per share on March 14, 2017, further damaging investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that certain areas in 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 required adjustment; (2) that in turn, the Company lacked effective controls over financial reporting; and (3) that as a result, Defendants’ statements about the Company’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

If you purchased Kandi securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

Release Summary

Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Kandi Technologies Group, Inc. (KNDI) Investors

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Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com