BERWYN, Pa., April 3, 2017 /PRNewswire/ -- RM LAW, P.C.
announces that a class action lawsuit has been filed in United
States District Court for the Central District of California on behalf of all persons or
entities that purchased Kandi Technologies Group, Inc. ("Kandi" or
the "Company") (NASDAQ: KNDI) and certain of its officers, on
behalf of shareholders who purchased Kandi securities between
March 16, 2015 through March 13, 2017, inclusive (the "Class
Period").
Kandi shareholders may, no later than May
15, 2017, move the Court for appointment as a lead plaintiff
of the Class. If you purchased shares of Kandi and would like
to learn more about these claims or if you wish to discuss these
matters and have any questions concerning this announcement or your
rights, contact Richard A. Maniskas,
Esquire toll-free at (844) 291-9299 or to sign up online,
visit: www.maniskas.com/case/kndi.
The complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements and
failed to disclose that: (1) certain areas in Kandi'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; (2) as a result, Kandi lacked
effective controls over financial reporting; and (3) consequently,
defendants' statements about Kandi's business, operations, and
prospects were materially false and misleading and/or lacked a
reasonable basis at all relevant times.
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.
On March 13, 2017, after-market
hours, Kandi revealed 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 former statements
should no longer be relied upon. Following this news, Kandi stock
dropped $0.30 per share, or about 7%,
to close at $4.05 per share on
March 14, 2017.
If you are a member of the class, you may, no later than
May 15, 2017, request that the Court
appoint you as lead plaintiff of the class. A lead plaintiff
is a representative party that acts on behalf of other class
members in directing the litigation. In order to be appointed
lead plaintiff, the Court must determine that the class member's
claim is typical of the claims of other class members, and that the
class member will adequately represent the class. Under
certain circumstances, one or more class members may together serve
as "lead plaintiff." Your ability to share in any recovery is
not, however, affected by the decision whether or not to serve as a
lead plaintiff. You may retain RM LAW, P.C. or other counsel
of your choice, to serve as your counsel in this action.
For more information regarding this, please contact RM LAW, P.C.
(Richard A. Maniskas, Esquire)
toll-free at (844) 291-9299 or by email at rm@maniskas.com or
visit: www.maniskas.com/case/kndi. For more information about
class action cases in general or to learn more about RM LAW, P.C.
please visit our website: www.maniskas.com.
RM LAW, P.C. is a national shareholder litigation firm. RM
LAW, P.C. is devoted to protecting the interests of individual and
institutional investors in shareholder actions in state and federal
courts nationwide.
CONTACT:
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RM LAW,
P.C.
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Richard A. Maniskas,
Esquire
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1055 Westlakes Dr.,
Ste. 3112
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Berwyn, PA
19312
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484-324-6800
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844-291-9299
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www.maniskas.com/case/kndi
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rm@maniskas.com
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SOURCE RM LAW, P.C.