{"id":403295,"date":"2020-12-20T00:51:43","date_gmt":"2020-12-20T05:51:43","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=403295"},"modified":"2020-12-20T00:51:43","modified_gmt":"2020-12-20T05:51:43","slug":"shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-kandi-technologies-group-inc-of-class-action-lawsuit-and-upcoming-deadline-kndi","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-kandi-technologies-group-inc-of-class-action-lawsuit-and-upcoming-deadline-kndi\/","title":{"rendered":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Kandi Technologies Group, Inc. of Class Action Lawsuit and Upcoming Deadline\u00a0 \u2013 KNDI"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">NEW YORK, Dec.  20, 2020  (GLOBE NEWSWIRE) &#8212; Pomerantz LLP announces that a class action lawsuit has been filed against Kandi Technologies Group, Inc.\u00a0 (\u201cKandi\u201d or the \u201cCompany\u201d) (NASDAQ: KNDI) and certain of its officers.\u00a0\u00a0 The class action, filed in United States District Court for the Eastern District of New York, and docketed under 20-cv-06042, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Kandi securities between March 15, 2019 and November 27, 2020, both dates inclusive (the \u201cClass Period\u201d), seeking to recover damages caused by Defendants\u2019 violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.<\/p>\n<p align=\"justify\">If you are a shareholder who purchased Kandi securities during the Class Period, you have until February 9, 2021, to ask the Court to appoint you as Lead Plaintiff for the class.\u00a0 A copy of the Complaint can be obtained at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=t3MqsWK86Z3W9AZ2M8zD45wCAAiZzW6ktEwVFAa7mj8vxCoW5OAr32zyFXZf4SgGiunvpG11g60Pa2AggzZJGSau3X-5hz4jNBkTsaXiyWA=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>www.pomerantzlaw.com<\/u><\/a>. \u00a0 To discuss this action, contact Robert S. Willoughby at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=uUX0TrCKe58uRu-PYOthAswp7cw8jxfJHtO3uJZng_v407adfiix0_Nsyv68GvDb-4O97Ni0rqTGTIGyRsqCCIh17c62GezBUxEHLkMYQsw=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>newaction@pomlaw.com<\/u><\/a> or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.\u00a0<\/p>\n<p align=\"center\">\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=uPh0R7Az-CjpA9wYCyz2TckTfyy0JQpaXxTG_IqKzCAO3_WS68cOsZpQ3j_qJsfLj44Ogp3jVjzzBgmf84Pt87IKrnpA7X2cUrFaf-bS6jnZFxBKdXq_qRm5cj4sUu90ygpkkknS1M9KNV452U7PxZHPkrinxrKkQdkTxxHETeQ=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><br \/>\n          <strong><br \/>\n            <u>[Click here for information about joining the class action]<\/u><br \/>\n          <\/strong><br \/>\n        <\/a>\n      <\/p>\n<p align=\"justify\">Kandi was founded in 2002 and is headquartered in Jinhua, the People\u2019s Republic of China (\u201cChina\u201d).\u00a0 The Company, through its subsidiaries, designs, develops, manufactures, and commercializes electric vehicle (\u201cEV\u201d) products and parts and off-road vehicles in China and internationally.<\/p>\n<p align=\"justify\">The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company\u2019s business, operational, and compliance policies.\u00a0 Specifically, 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\u2019s 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\u2019s reported revenues and, in turn, have a foreseeable negative impact on the Company\u2019s reputation and valuation; and (iv) as a result, the Company\u2019s public statements were materially false and misleading at all relevant times.<\/p>\n<p align=\"justify\">On November 30, 2020, Hindenburg Research (\u201cHindenburg\u201d) published a report entitled \u201cKandi: How This China-Based NASDAQ-Listed Company Used Fake Sales, EV Hype to Nab $160 Million From U.S. Investors\u201d.\u00a0 Citing \u201cextensive on-the-ground inspection at Kandi\u2019s 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\u201d, the Hindenburg report asserted that almost 64% of Kandi\u2019s sales over the year have been to undisclosed related parties. \u00a0The report also alleged that \u201c[Kandi] has consistently booked revenue it cannot collect, a classic hallmark of fake revenue[.]\u201d<\/p>\n<p align=\"justify\">Following the publication of the Hindenburg report, Kandi\u2019s stock price fell $3.86 per share, or 28.34%, to close at $9.76 per share on November 30, 2020.<\/p>\n<p align=\"justify\">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 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=t3MqsWK86Z3W9AZ2M8zD4xGE3cwbXsS2ANJEPc4vyouKXQcYH0gcSL6psWjGA957Vz0RryLC0p3mgCxae4YRNTCseru13hpJhmflW_WJXGc=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>www.pomerantzlaw.com<\/u><\/a>.<\/p>\n<p align=\"justify\">\n        <strong>CONTACT:<br \/><\/strong>Robert S. Willoughby<br \/>Pomerantz LLP<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ty--8rc7tr2fd1qMzVZVSEJ5DoRAuazif08ZC_jDkNeP3a3dt8sBEgXQqVhsWZkpJsENk9I7wFDtzB8X--fwQbAnY3DZ8USBZQM3-c3yuM8=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>rswilloughby@pomlaw.com<\/u><\/a><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=A-XBkzKwX1P3DezQixZic6S6sfuE2HVmFx52dh0lD6Dz-zHx_98QflEuJZ5hdVsznPvO3xrvPD73v8WAvWugMg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><br \/><\/a>888-476-6529 ext. 7980<\/p>\n<p \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExNTMyMiMzODkwMDc5IzIwMTc2NDQ=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/1086174a-9cdb-4ae8-920c-f7f817d18ba1\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK, Dec. 20, 2020 (GLOBE NEWSWIRE) &#8212; Pomerantz LLP announces that a class action lawsuit has been filed against Kandi Technologies Group, Inc.\u00a0 (\u201cKandi\u201d or the \u201cCompany\u201d) (NASDAQ: KNDI) and certain of its officers.\u00a0\u00a0 The class action, filed in United States District Court for the Eastern District of New York, and docketed under 20-cv-06042, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Kandi securities between March 15, 2019 and November 27, 2020, both dates inclusive (the \u201cClass Period\u201d), seeking to recover damages caused by Defendants\u2019 violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-kandi-technologies-group-inc-of-class-action-lawsuit-and-upcoming-deadline-kndi\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Kandi Technologies Group, Inc. of Class Action Lawsuit and Upcoming Deadline\u00a0 \u2013 KNDI&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-403295","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SHAREHOLDER ALERT: Pomerantz Law Firm Reminds 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Pomerantz LLP announces that a class action lawsuit has been filed against Kandi Technologies Group, Inc.\u00a0 (\u201cKandi\u201d or the \u201cCompany\u201d) (NASDAQ: KNDI) and certain of its officers.\u00a0\u00a0 The class action, filed in United States District Court for the Eastern District of New York, and docketed under 20-cv-06042, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Kandi securities between March 15, 2019 and November 27, 2020, both dates inclusive (the \u201cClass Period\u201d), seeking to recover damages caused by Defendants\u2019 violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 &hellip; Continue reading &quot;SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Kandi Technologies Group, Inc. of Class Action Lawsuit and Upcoming Deadline\u00a0 \u2013 KNDI&quot;\" 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LLP announces that a class action lawsuit has been filed against Kandi Technologies Group, Inc.\u00a0 (\u201cKandi\u201d or the \u201cCompany\u201d) (NASDAQ: KNDI) and certain of its officers.\u00a0\u00a0 The class action, filed in United States District Court for the Eastern District of New York, and docketed under 20-cv-06042, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Kandi securities between March 15, 2019 and November 27, 2020, both dates inclusive (the \u201cClass Period\u201d), seeking to recover damages caused by Defendants\u2019 violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 &hellip; Continue reading \"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Kandi Technologies Group, Inc. of Class Action Lawsuit and Upcoming Deadline\u00a0 \u2013 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