Micron to Buy Powerchip Fab for $1.8 Billion, Shares Surge Nearly 10% 
White House Pressures PJM to Act as Data Center Energy Demand Threatens Grid Reliability 
Anthropic Appoints Former Microsoft Executive Irina Ghose to Lead India Expansion 
California Attorney General Orders xAI to Halt Illegal Grok Deepfake Imagery 
Proposed Rio Tinto–Glencore Merger Faces China Regulatory Hurdles and Asset Sale Pressure 
China Considers New Rules to Limit Purchases of Foreign AI Chips Amid Growing Demand 
Baidu Shares Rise in Hong Kong After Apollo Go Robotaxi Launch in Abu Dhabi 
Publishers Seek to Join Lawsuit Against Google Over Alleged AI Copyright Infringement 
xAI Restricts Grok Image Editing After Sexualized AI Images Trigger Global Scrutiny 
TSMC Shares Hit Record High as AI Chip Demand Fuels Strong Q4 Earnings 
China Halts Shipments of Nvidia H200 AI Chips, Forcing Suppliers to Pause Production 
U.S. Transportation Board Sends Union Pacific–Norfolk Southern Merger Back for Revision 
Boeing Reaches Tentative Labor Deal With SPEEA Workers After Spirit AeroSystems Acquisition 
Google Seeks Delay on Data-Sharing Order as It Appeals Landmark Antitrust Ruling 
Trump Criticizes NYSE Texas Expansion, Calls Dallas Exchange a Blow to New York 
Microsoft Strikes Landmark Soil Carbon Credit Deal With Indigo Carbon to Boost Carbon-Negative Goal 
U.S. Moves to Expand Chevron License and Control Venezuelan Oil Sales 
 Expanding The Class Period - EconoTimes)
NEW YORK, April 21, 2017 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the securities of Kandi Technologies Group, Inc. (“Kandi” or the “Company”) (NASDAQ:KNDI) between May 12, 2014 through March 13, 2017 (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) certain areas in Kandi’s previously issued financial statements for the years ended December 31, 2015 and 2014, and the first three quarters for the year ended December 31, 2016 required adjustment; (2) in turn, Kandi lacked effective controls over financial reporting; and (3) as a result, Defendants’ statements about Kandi’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 14, 2016, Kandi announced the abrupt resignation of Cheng Wang as its CFO. On this news, shares of Kandi fell $0.40 per share or over 10% from its previous closing price to close at $3.50 per share on November 14, 2016, damaging investors. On March 14, 2017, Kandi revealed that its previously issued 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, shares of Kandi fell $0.30 per share or approximately 7% to close at $4.05 per share on March 14, 2017, further damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than May 15, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
