BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming August 31, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who Kingold Jewelry, Inc. ("Kingold" or "the Company") (NASDAQ: KGJI) securities between March 15, 2018 and June 28, 2020, inclusive (the “Class Period”).
Investors suffering losses on their Kingold 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 June 29, 2020, multiple news outlets reported that Kingold may have used counterfeit gold as collateral to secure loans from more than a dozen Chinese financial institutions.
On this news, Kingold’s share price fell $0.27 per share, or more than 24%, to close at $0.85 per share on June 29, 2020, thereby injuring 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 Kingold used fake gold as collateral to fraudulently secure loans; (2) that consequently, the Company would face creditor lawsuits and be delisted from the Shanghai Gold Exchange; and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Kingold securities, you may move the Court no later than August 31, 2020, to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you 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.
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