NEW YORK, Nov. 15, 2016 /PRNewswire/ -- 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.
[Click here to join a class action]
On March 15, 2016, the Chinese
financial journal Caixin published an article reporting that the
Chinese government was investigating electric car manufacturers and
local officials that may have defrauded the government of millions
of dollars in subsidies through a scheme whereby manufacturers were
selling vehicles to their own rental subsidiaries (the
"Investigation"). On this news, Kandi's share price fell
$0.97, or 10.51%, to close at
$8.26 on March
15, 2016. On November 9,
2016, the Company announced its financial results for the
third quarter of 2016. Kandi's revenue fell over 87%
year-over-year, and the Company's bottom line fell to a
$600,000 loss following a decision by
the Chinese government to withhold subsidies pending the results of
the Investigation, depriving Kandi of operating capital. On
November 14, 2016, the Company
announced that its Chief Financial Officer ("CFO"), Wang Chen, would resign from that post to assume
the position of Chief Strategy Officer, and that Mei Bing was appointed Kandi's new CFO.
On this news, Kandi's share price fell $0.40, or 10.26%, to close at $3.50 on November 14,
2016.
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
CONTACT:
Robert S.
Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP