NEW YORK, July 03, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Kandi Technologies Group, Inc. (“Kandi” or the “Company”) (NASDAQ: KNDI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Kandi and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 14, 2016, Kandi announced the abrupt resignation of Cheng Wang as the Company’s Chief Financial Officer. On this news, Kandi’s stock price fell $0.40 per share, or more than 10%, to close at $3.50 per share on November 14, 2016. Then, on March 13, 2017, Kandi disclosed in a filing with the U.S. Securities and Exchange Commission (“SEC”) that its previously issued financial statements for the years ended December 31, 2014 and 2015, and for the first three quarters of the year ended December 31, 2016 would need to be restated. On this news, Kandi’s stock price fell $0.30 per share, or approximately 6%, to close at $4.05 per share on March 14, 2017.
On March 16, 2017, Kandi filed its annual report for fiscal year 2016 with the SEC, in which the Company disclosed that there were material weaknesses in the Company’s internal controls.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980