SAN FRANCISCO, March 17, 2017 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP notifies investors in Kandi Technologies Group, Inc. (NASDAQ:KNDI) of the expanded class period in the pending accounting restatement securities class action. The expanded class period is May 12, 2014 through March 13, 2017. In addition, the firm reminds investors of the May 15, 2017 Lead Plaintiff deadline.
If you purchased or otherwise acquired securities of KNDI between May 12, 2014 and March 13, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/KNDI
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing KNDI@hbsslaw.com.
On March 13, 2017, KNDI announced that investors should no longer rely on previously issued financial statements for the years ended December 31, 2015 and 2014 and for the first three quarters for the year ended December 31, 2016. The Company explained it would restate those previously issued financial statements and that investors should also not rely on management’s and the associated auditor’s reports on internal controls for the year ended December 31, 2015. This news drove the price of KNDI shares down almost 7% to close at $4.05 on March 14, 2017.
On March 16, 2017, KNDI filed its Annual Report on Form 10-K restating previously issued financial statements for the years ended December 31, 2015 and 2014, and for the first three quarters for the years ended December 31, 2015 and 2016. The Company reported restatements of several of accounts that include accounts receivable, notes receivable, accounts payable, and others. This news drove the price of KNDI shares down approximately 8.6% to close at $3.70 on March 16, 2017.
“We’re focused on the damages suffered by investors caused by the Company’s admittedly false historical financial reports,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding KNDI should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email KNDI@hbsslaw.com.
About Hagens Berman
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