NEW YORK, March 16, 2017 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Kandi Technologies Group, Inc. (“Kandi” or the “Company”) (Nasdaq:KNDI) in the United States District Court for the Central District of California on behalf of a class consisting of investors who purchased or otherwise acquired purchased Kandi stock on the open market from March 16, 2015 through March 13, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that 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.
If you wish to serve as lead plaintiff, you must move the Court no later than May 15, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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