NEW YORK, March 15, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Kandi Technologies Group, Inc. (“Kandi” or the “Company”) (NASDAQ: KNDI ) of the May 15, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Kandi securities between March 16, 2015 and March 13, 2017 (the “Class Period”). The case, Paolini v. Kandi Technologies Group, Inc. et al , No. 2:17-cv-02025 was filed on March 14, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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) in turn, Kandi lacked effective controls over financial reporting; and (3) as a result, the Company’s statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.
Specifically, on March 13, 2017, the Company filed a Form 8-K with the Securities and Exchange Commission ("SEC") disclosing that its 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 will need to be restated.
On this news, Kandi’s share price fell from $4.35 per share on March 13, 2017 to a closing price of $4.05 on March 14, 2017—a $0.30 or a 6.9% drop.
Request more information now by clicking here: www.faruqilaw.com/KNDI . There is no cost or obligation to you.
Take Action
If you invested in Kandi securities between March 16, 2015 and March 13, 2017 and would like to discuss your legal rights, visit www.faruqilaw.com/KNDI . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding Kandi’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
