IRVINE, CA / ACCESSWIRE / May 1, 2017 / Khang & Khang LLP (the "Firm") announces a class action lawsuit against Kandi Technologies Group, Inc. ("Kandi" or the "Company") (KNDI). Investors who purchased or otherwise acquired shares between March 16, 2015 and March 13, 2017, inclusive (the "Class Period"), are encouraged to contact the Firm in advance of the May 15, 2017 lead plaintiff motion deadline.
If you purchased Kandi shares during the Class Period, please contact Joon M. Khang, Esq., of Khang & Khang LLP, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or by e-mail at email@example.com.
There has been no class certification in this case. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
According to the Complaint, Kandi made false and/or misleading statements and/or failed to disclose that: certain areas in the Company's previously issued financial statements for the years ending December 31, 2015 and 2014, and the first three quarters for the year ending December 31, 2016 required adjustment; Kandi lacked effective internal controls over financial reporting; and as a result of the above, the Company's public statements were materially false and misleading at all relevant times.
On November 14, 2016, the Company announced the abrupt resignation of its CFO Cheng Wang. On March 13, 2017, Kandi filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission, announcing that the Company would restate 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. Upon release of this news, Kandi's stock price dropped materially, which allegedly harmed investors.
If you wish to learn more about this lawsuit, or if you have questions about this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or via e-mail at firstname.lastname@example.org.
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Joon M. Khang, Esq.
SOURCE: Khang & Khang LLP