NEW YORK, July 01, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Kingold Jewelry, Inc. (“Kingold” or the “Company”) (NASDAQ: KGJI) in the United States District Court for the Eastern District of New York on behalf of those who purchased or acquired the securities of Kingold between March 15, 2018 and June 28, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Kingold investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) Kingold used fake gold as collateral to fraudulently secure loans; (ii) the Company would face creditor lawsuits and be delisted from the Shanghai Gold Exchange; and (iii) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of Kingold during the Class Period should contact the Firm prior to the August 31, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish 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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