NEW YORK, Dec. 2, 2020 /PRNewswire/ — 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 30, 2020, Hindenburg Research (“Hindenburg”) 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 asserted 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[.]”
Following the publication of the Hindenburg report, Kandi’s stock price fell $3.86 per share, or 28.34%, to close at $9.76 per share on November 30, 2020.
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. 7980
SOURCE Pomerantz LLP