NEW YORK, July 23, 2014 Pomerantz LLP is investigating
claims on behalf of investors of Kandi Technologies Group, Inc.
("Kandi" or the "Company") (NASDAQ: KNDI). Such investors are
advised to contact Robert S.
Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext.
237.
The investigation concerns whether Kandi and certain of its
officers and/or directors have violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934.
On July 23, 2014, a report
published by the seekingalpha.com website stated that, "KNDI
is selling EVs and battery packs at a loss to the
JV and certain other corporate entities for the buildout of the
Carshare project of which they only have a 9.5% economic interest
in. The most disturbing part of this is how KNDI continually boasts
about huge revenue growth when, in fact, all they are doing is
building out inventories and selling battery packs at a loss to
create the appearance of rapidly growing company revenue."
On this news, shares of Kandi fell $2.31 per share to $18.51, or more than 11.08%, in intraday trading
on July 23, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San
Diego and Florida, 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 70 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.
CONTACT:
Robert S.
Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
SOURCE Pomerantz LLP