San Diego, CA -- (SBWIRE) -- 03/20/2017 -- An investor, who purchased shares of Kandi Technologies Group Inc (NASDAQ:KNDI), filed a lawsuit in California over alleged Securities Laws violations by Kandi Technologies Group.
Investors who purchased shares of Kandi Technologies Group Inc (NASDAQ:KNDI) have certain options and for certain investors are short and strict deadlines running. Deadline: May 15, 2017. NASDAQ:KNDI investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff claims that between March 16, 2015 and March 13, 2017, the defendants made false and/or misleading statements and/or failed to disclose that certain areas in Kandi Technologies Group Inc'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, that in turn, Kandi Technologies Group Inc lacked effective controls over financial reporting, and that 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 Technologies Group Inc announced the resignation of Cheng Wang as its CFO.
On March 13, 2017, Kandi Technologies Group Inc announced that it will restate "the Company'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" and that these statements should no longer be relied upon.
On March 17, 2017, NASDAQ:KNDI shares closed at $3.85 per share.
Those who purchased shares of Kandi Technologies Group Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego