ROSEN, A TOP RANKED LAW FIRM, Announces Investigation of Securities Claims Against Kandi Technologies Group, Inc. – KNDI
Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Kandi Technologies Group, Inc. (NASDAQ: KNDI) resulting from allegations that Kandi may have issued materially misleading business information to the investing public.
On November 30, 2020, Hindenburg Research published a report entitled “Kandi: How This China-Based NASDAQ-Listed Company Used Fake Sales, EV Hype to Nab $160 Million From U.S. Investors[.]” Citing “extensive on-the-ground inspection at Kandi's factories and customer locations in China, interviews with over a dozen former employees and business partners, and review of numerous litigation documents and international public records,” the Hindenburg report alleged that almost 64% of Kandi's sales over the year have been to undisclosed related parties. The report also alleged that “[Kandi] has consistently booked revenue it cannot collect, a classic hallmark of fake revenue[.]”
On this news, shares of Kandi fell $3.86, or 28%, to close at $9.76 per share on November 30, 2020, damaging investors.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Kandi’s investors. If you purchased shares of Kandi, please visit the firm’s website at http://www.rosenlegal.com/cases-register-1998.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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