Kandi Technologies Group, Inc.
Period: Mar 16, 2015 to Mar 13, 2017
Lead Plaintiff Deadline: May 15, 2017
Summary of Case:
A securities class action has been filed against Kandi Technologies Group, Inc. (NASDAQ:KNDI) on behalf of all persons who purchased or otherwise acquired Kandi securities between March 16, 2015 through March 13, 2017. This case has been filed in the USDC - Central District of California.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) certain areas in 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; (2) in turn, Kandi lacked effective controls over financial reporting; and (3) as a result, defendants’ statements about Kandi’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 14, 2016, Kandi announced the abrupt resignation of Cheng Wang as its CFO. On this news, shares of Kandi fell $0.40 per share or over 10% from its previous closing price to close at $3.50 per share on November 14, 2016, damaging investors. 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. On this news shares of Kandi fell $0.30 per share or approximately 7% to close at $4.05 per share on March 14, 2017, further damaging investors.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.