Levi & Korsinsky, LLP announces that a KNDI class action lawsuit has been commenced on behalf of investors who purchased Kandi Technologies Group, Inc. (KNDI) securities between March 15, 2019 and November 27, 2020 . For more on the Kandi Class Action please contact us today.
According to the Kandi lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Kandi artificially inflated its reported revenues through undisclosed related party transactions, or otherwise had relationships with key customers that indicated those customers did not have an arms length relationship with Kandi; (ii) the majority of Kandi’s sales in the past year had been to undisclosed related parties and/or parties with such a close relationship and history with Kandi that it cast doubt on the arms-length nature of their relationship; (iii) all the foregoing, once revealed, was foreseeably likely to cast doubt on the validity of Kandi’s reported revenues and, in turn, have a foreseeable negative impact on the Company’s reputation and valuation; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you suffered a loss in Kandi you have until February 9, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery does not require that you serve as a lead plaintiff.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171