NEW YORK, Nov. 15, 2016 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC is
investigating potential claims on behalf of purchasers of the Kandi
Technologies Group, Inc. ("Kandi" or the "Company")
(NASDAQ: KNDI). Such investors are advised to obtain additional
information and assist the investigation by visiting the firm's
site: www.bgandg.com/kndi.
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 March 15, 2016, Caixin, the
Chinese financial journal, released a report describing how the
Chinese government was investigating electric car makers 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"). Following this news, Kandi stock dropped
$0.97 per share, or 10.51%, to close
at $8.26 on March 15, 2016.
On November 9, 2016, Kandi
revealed its financial results for 2016's third quarter, showing
Kandi's income dropped over 87% year after year. Following the
Chinese government's decision to withhold subsidies pending the
Investigation results, thereby depriving Kandi's operating capital,
Kandi's bottom line dropped to a $600,000 loss. Then 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.
If you are aware of any facts relating to this investigation, or
purchased Kandi shares, you can assist this investigation by
visiting the firm's site: www.bgandg.com/kndi. You can also contact
Peretz Bronstein or his Investor
Relations Analyst, Yael Hurwitz of
Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
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.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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