NEW YORK, April 06, 2017 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Kandi Technologies Group, Inc. (“Kandi” or the “Company”) (NASDAQ:KNDI) and certain of its officers, on behalf of shareholders who purchased Kandi securities between March 16, 2015 through March 13, 2017, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: http://www.bgandg.com/kndi.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and 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) as a result, Kandi lacked effective controls over financial reporting; and (3) consequently, 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 that its Chief Financial Officer (“CFO”), Wang Chen, resigned from his position to become Chief Strategy Officer, and that Mei Bing was appointed Kandi’s new CFO. Following this news, Kandi stock dropped $0.40, or 10.26%, to close at $3.50 on November 14, 2016.
On March 13, 2017, after-market hours, Kandi revealed that it will restate “the Company’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” and that former statements should no longer be relied upon. Following this news, Kandi stock dropped $0.30 per share or about 7% to close at $4.05 per share on March 14, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/kndi or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Kandi 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.