The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of investors who purchased Kandi Technologies Group, Inc. (NASDAQ: KNDI) securities between March 15, 2019 and November 27, 2020.
According to the Kandi Technologies lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Kandi artificially inflated its reported revenues through undisclosed related party transactions, or otherwise had relationships with key customers that indicated those customers did not have an arms length relationship with Kandi; (ii) the majority of Kandi’s sales in the past year had been to undisclosed related parties and/or parties with such a close relationship and history with Kandi that it cast doubt on the arms-length nature of their relationship; (iii) all the foregoing, once revealed, was foreseeably likely to cast doubt on the validity of Kandi’s reported revenues and, in turn, have a foreseeable negative impact on the Company’s reputation and valuation; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you suffered a loss in Kandi Technologies you have until February 9, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
To receive more information, please fill out the form.