[ACCESSWIRE]
NEW YORK, NY / ACCESSWIRE / March 15, 2017 / The Pawar Law Group announces a class action lawsuit on behalf of Kandi Technologies Group, Inc. (NASDAQ: KNDI) investors who purchased Kandi stock between March 16, 2015 and March 13, 2017, inclusive (the "Class Period"). The suit is for recovery of investor losses.
To participate in this class action lawsuit, visit the firm's website at http://pawarlawgroup.com/cases/kandi-technologies-group-inc/ or email Vik Pawar, Esq. at [email protected] or call toll free at (866) 999-0873.
No class has been certified in the above action yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
According to the complaint, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) certain areas in Kandi'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; (2) in turn, Kandi lacked effective controls over financial reporting; and (3) 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 announced the abrupt resignation of Cheng Wang as its CFO. On this news, shares of Kandi fell $0.40 per share or over 10% from its previous closing price to close at $3.50 per share on November 14, 2016, damaging investors. On March 14, 2017, Kandi revealed that its 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 will need to be restated. On this news shares of Kandi fell $0.30 per share or approximately 7% to close at $4.05 per share on March 14, 2017, further damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than May 15, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You may join the case here: http://pawarlawgroup.com/cases/kandi-technologies-group-inc/ or email Vik Pawar, Esq. at [email protected]
Contact:
Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1210
New York, NY 10007
Tel: (212) 571-0805
Fax: (212) 571-0938
[email protected]
SOURCE: Pawar Law Group
