NEW YORK, March 31, 2017 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of Kandi Technologies Group, Inc. securities (NASDAQ: KNDI ) from March 16, 2015 through March 13, 2017, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for Kandi investors under the federal securities laws.
To join the Kandi class action, go to http://www.rosenlegal.com/cases-995.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or 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) in turn, Kandi lacked effective controls over financial reporting; and (3) as a result, 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 the abrupt resignation of Cheng Wang as its CFO. On this news, shares of Kandi fell $0.40 per share or over 10% from its previous closing price to close at $3.50 per share on November 14, 2016, damaging investors. On March 14, 2017, Kandi revealed 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 shares of Kandi fell $0.30 per share or approximately 7% to close at $4.05 per share on March 14, 2017, further damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 15, 2017. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-995.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or kchan@rosenlegal.com .
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. Kevin Chan, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 34th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 lrosen@rosenlegal.com pkim@rosenlegal.com kchan@rosenlegal.com www.rosenlegal.com
