NEW YORK, April 27, 2017 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Kandi Technologies Group, Inc. (“Kandi” or the “Company”) (NASDAQ:KNDI) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 17-cv-03049, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Kandi securities between November 15, 2013 and March 13, 2017 both dates inclusive (the “Class Period”), seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Kandi securities during the Class Period, you have until May 15, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
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Kandi Technologies Group, Inc., through its subsidiaries, designs, produces, manufactures, and distributes electric vehicles (EVs) products, EV parts, and off-road vehicles in the People’s Republic of China and internationally. Its EV parts comprise battery packs, body parts, EV drive motors, EV controllers, air conditioning units, and other auto parts.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s revenues were unsustainable and artificially inflated by faulty accounting; (ii) consequently, certain areas in the Company’s financial statements required adjustment; (iii) in turn, the Company lacked effective internal controls over financial reporting; and (iv) as a result of the foregoing, Kandi’s public statements were materially false and misleading at all relevant times.
On November 14, 2016, the Company announced the abrupt resignation of Cheng Wang, the Company’s Chief Financial Officer at the time. On this news, Kandi’s share price fell $0.40, or over 10%, to close at $3.50 on November 14, 2016.
On March 13, 2017, post market, Kandi filed a Current Report on Form 8-K with the SEC, 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. On this news, Kandi’s share price fell $0.30, or approximately 6%, to close at $4.05 on March 14, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com