The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Kandi Technologies Group, Inc. (NASDAQ : KNDI) securities between November 15, 2013 and March 13, 2017.
According to the complaint, throughout the Class Period defendants 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 resignation of Cheng Wang as its CFO. On this news, shares of Kandi fell to a 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 approximately 7% to close at $4.05 per share on March 14, 2017, further damaging investors.
If you suffered a loss in Kandi Technologies Group, Inc. you have until May 15, 2017 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.
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