Kandi Technologies manufactures and commercializes small vehicles, including all-terrain vehicles, golf carts, motor cycles, motor scooters and go-karts.
On November 14, 2016, the Company announced the abrupt resignation of its Chief Financial Officer. On this news the stock price fell $0.40 per share, or more than 10% to close at $3.50 per share on November 14, 2016.
On March 13, 2017, Kandi filed a Form 8-K with the SEC revealing that its previously filed 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, Kandi’s share price fell $0.30 per share to close at $4.05 per share on March 14, 2017, a drop of almost 7%.
A securities class action was filed on behalf of those who purchased Kandi securities between June 10, 2015 and March 13, 2017. The complaint alleges that throughout the Class Period, 1) the Company issued financial statements requiring adjustments; 2) the Company lacked effective controls over financial reporting; and 3) the Company made materially false and/or misleading statements, as well as failed to disclose material adverse facts about Kandi’s business, operations and prospects. Kandi investors have until August 10, 2020 to file a lead plaintiff motion.
If you are a shareholder of Kandi Technologies, we encourage you to contact our attorneys at Lowey Dannenberg at (914) 733-7256 or firstname.lastname@example.org to learn more about this case or to discuss your options.
Whistleblowers: Persons with non-public information regarding Kandi should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
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Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has in the past recovered billions of dollars on behalf of investors.
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