LOS ANGELES, April 20, 2017 (GLOBE NEWSWIRE) — Lundin Law PC, a shareholder rights firm, announces the filing of a class action lawsuit against Kandi Technologies Group, Inc. (“Kandi” or the “Company”) (Nasdaq:KNDI) concerning possible violations of federal securities laws between March 16, 2015 and March 13, 2017 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the May 15, 2017 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also do nothing and be an absent class member.
The Complaint alleges that during the Class Period, 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 ended December 31, 2015 and 2014, and the first three quarters for the year ended 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, Kandi announced the abrupt resignation of its CFO Cheng Wang. On March 13, 2017, 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. When this news was announced to the public, the stock price of Kandi declined, causing investors harm.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding the rights of shareholders.
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