Kingold Jewelry, Inc.
Lead Plaintiff Deadline: 08/29/2020
SUMMARY OF CASE:
A securities class action has been filed against Kingold Jewelry, Inc. (KGJI) on behalf of purchasers of the securities of Kingold between March 15, 2018 through June 28, 2020. This case has been filed in the USDC – E.D.N.Y.
The Complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Kingold used fake gold as collateral to fraudulently secure loans; (2) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.