SAN FRANCISCO, March 15, 2017 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Kandi Technologies Group, Inc. (NASDAQ:KNDI) to the recently filed securities class action related to possible accounting improprieties disclosed by KNDI on March 13, 2017. The case was filed in the United States District Court for the Central District of California. The Lead Plaintiff deadline is May 15, 2017.
If you purchased or otherwise acquired securities of KNDI between March 16, 2015 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.
“We’re focused on the apparent violations of generally accepted accounting principles that could include misclassification of notes receivable and notes payable, misreporting of related party transactions, and construction-in-progress accounting matters,” 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
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.