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Kandi Technologies Group Inc (NASDAQ: KNDI) Investor Securities Class Action Lawsuit 03/14/2017

  • If you purchased shares of Kandi Technologies Group Inc (NASDAQ: KNDI), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Kandi Technolgies Corp.
Security
NASDAQ: KNDI

Case Name
Kandi Technolgies Shareholder Class Action Lawsuit 03/14/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 30, 2019 - The court granted the defendants' motion to dismiss.

December 14,, 2018 - A motion to dismiss the amended consolidated complaint was filed.

August 31, 2018 - An amended consolidated complaint was filed.

May 30, 2017 - The case was transferred to the U.S. District Court for the Southern District of New York.

March 14, 2017 - An investor in shares of Kandi Technologies Group Inc (NASDAQ: KNDI) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Kandi Technologies Group Inc in connection with certain allegedly false and misleading statements made between March 16, 2015 and March 13, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Kandi Technologies Group Inc (NASDAQ: KNDI) common shares between March 16, 2015 and March 13, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 16, 2015 and March 13, 2017, the defendants made false and/or misleading statements and/or failed to disclose that certain areas in Kandi Technologies Group Inc’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, that in turn, Kandi Technologies Group Inc lacked effective controls over financial reporting, and that as a result, defendants’ statements about Kandi Technologies Group Inc’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Kandi Technologies Group Inc reported that its annual Total Revenue rose from $170.23 million in 2014 to $201.07 million in 2015 and that its Net Income increased from $12.27 million to $14.67 million.

On November 14, 2016, Kandi Technologies Group Inc announced the resignation of Cheng Wang as its CFO.

On March 13, 2017, Kandi Technologies Group Inc announced 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 these statements should no longer be relied upon.

On March 14, 2017, NASDAQ: KNDI shares closed at $4.05 per share.