EQUITY ALERT: Rosen Law Firm Announces Investigation of Securities Claims Against Kandi Technologies Group, Inc. - KNDI
November 15 2016 - 12:43PM
Business Wire
Rosen Law Firm, a global investor rights law firm, announces it
is investigating potential securities claims on behalf of
shareholders of Kandi Technologies Group, Inc. (NASDAQ:KNDI)
resulting from allegations that Kandi may have issued materially
misleading business information to the investing public.
On March 15, 2016, Chinese financial journal Caixin reported
that the Chinese government was investigating electric car
manufacturers and local officials that may have defrauded the
government of millions of dollars in subsidies through a scheme
whereby manufacturers were selling vehicles to their own rental
subsidiaries (the “Investigation”). On this news, shares of
Kandi fell $0.67 per share or over 7% to close at $8.56 per share
on March 15, 2016.
On November 9, 2016, Kandi announced its financial results for
the third quarter of 2016. Kandi’s revenue fell over 87%
year-over-year and its bottom line fell to a $600,000 loss
following a decision by the Chinese government to withhold
subsidies pending the results of the Investigation, depriving Kandi
of operating capital. On this news, shares of Kandi fell $0.55 per
share or over 13% to close at $3.90 per share on November 9,
2016.
On November 14, 2016, Kandi announced the resignation of Wang
Chen as its Chief Financial Officer (“CFO”) and the appointment of
Mei Bing as Kandi’s new CFO. On this news, shares of Kandi fell
$0.40 per share or over 10% to close at $3.50 per share on November
14, 2016.
Rosen Law Firm is preparing a class action lawsuit to recover
losses suffered by Kandi investors. If you purchased shares of
Kandi please visit the firm’s website at
http://www.rosenlegal.com/cases-995.html for more information. You
may also 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.
Follow us for updates on LinkedIn:
https://www.linkedin.com/company/the-rosen-law-firm or on Twitter:
https://twitter.com/rosen_firm.
Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
Attorney Advertising. Prior results do not guarantee a similar
outcome.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161115006571/en/
The Rosen Law Firm, P.A.Laurence Rosen, Esq.Phillip Kim,
Esq.Kevin Chan, Esq.275 Madison Avenue, 34th FloorNew York, NY
10016Tel: (212) 686-1060Toll Free: (866) 767-3653Fax: (212)
202-3827lrosen@rosenlegal.compkim@rosenlegal.comkchan@rosenlegal.comwww.rosenlegal.com
Kandi Technolgies (NASDAQ:KNDI)
Historical Stock Chart
From Apr 2024 to May 2024
Kandi Technolgies (NASDAQ:KNDI)
Historical Stock Chart
From May 2023 to May 2024