NEW YORK, May 1, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Kandi Technologies Group, Inc. ("Kandi" or the "Company") of the May 15, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
If you invested in Kandi stock or options between November 15, 2013 and March 13, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/KNDI. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Kandi securities between November 15, 2013 and March 13, 2017 (the "Class Period"). The case, Tavrovsky v. Kandi Technologies Group, Inc. et al, No. 1:17-cv-03049 was filed on April 26, 2017, and has been assigned to Judge Edgardo Ramos.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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, the Company's statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.
Specifically, on March 13, 2017, the Company filed a Form 8-K with the Securities and Exchange Commission ("SEC") disclosing 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, Kandi's share price fell from $4.35 per share on March 13, 2017 to a closing price of $4.05 on March 14, 2017—a $0.30 or a 6.9% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Kandi's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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