Kandi Technologies Group, Inc. investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Kandi, manufactures small vehicles including energy-saving mini cars, all-terrain vehicles, golf carts, motor cycles, motor scooters and go-karts. The majority of the Company’s revenues are derived from its 50% stake in a joint venture that produces electric vehicles for sale in China.
The Class Period commences on May 12, 2014, when the company filed with the SEC its Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, providing the company’s consolidated financial results for that period.
The complaint alleges that, on March 13, 2016, Kandi disclosed that the company’s board of directors, based on the recommendation of the company’s audit committee, had determined that the company’s previously issued financial statements for 2014, 2015, and the first three quarters of 2016 should no longer be relied upon by investors and that the accounting issues came to light, in part, through the preparation of responses to comments from the staff of the SEC. The company further disclosed that it would restate its previously issued financial statements for 2014, 2015, and the first three quarters of 2016 and is now “reassessing” its internal controls over financial reporting and compliance.
Following this news, Kandi’s share price fell nearly 7%, to close at $4.05 per share on March 14, 2017.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) certain areas in 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 required adjustment; (2) in turn, the company lacked effective controls over financial reporting; and (3) as a result, the defendants’ statements about the company’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you are a member of the class described above, you may no later than May 15, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will will adequatley represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
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