LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired 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.
If you are a shareholder who suffered a loss, click here to participate.
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.
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If you purchased Kandi securities during the Class Period, you may move the Court no later than August 10, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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