Thieler Law Corp, member of the Investor Attorney Network, is investigating whether certain officers and directors of Kandi Technologies Group Inc (NASDAQ: KNDI) violated securities laws in connection with certain financial statements.
The investigation seeks to discover if possible claims on behalf of purchasers of the securities of Kandi Technologies Group Inc (NASDAQ: KNDI) concerning whether a series of statements by Kandi Technologies Group Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On March 15, 2016, the Chinese financial journal Caixin released an article stating that the Chinese government was investigating electric car manufacturers and local officials that may have defrauded the government of millions of dollars in subsidies through a scheme whereby manufacturers were selling vehicles to their own rental subsidiaries (the "Investigation").
Following this news, NASDAQ: KNDI fell 10.51% on March 15, 2016.
On November 9, 2016, the Company announced its financial results for the third quarter of 2016, revealing Kandi's income dropped over 87% year after year and its bottom line fell to a $600,000 loss following a decision by the Chinese government to withhold subsidies pending the results of the Investigation.
On November 14, 2016, the Company revealed that Wang Chen, the Company's Chief Financial Officer, would resign from that post and that Mei Bing was appointed Kandi's new Chief Financial Officer.
On this news, NASDAQ: KNDI fell 10.26% on November 14, 2016.
Based in Jinhua, the Peoples Republic of China, and founded in 2002 Kandi Technologies Group Inc designs, produces, manufactures, and distributes electric vehicles (EVs) products, EV parts, and off-road vehicles in the Peoples Republic of China and globally.
If you purchased shares of Kandi Technologies Group Inc (NASDAQ: KNDI), you should contact Thieler Law Corp at mail@thielerlaw.com or call +1 (619) 377 - 4324.
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