An investigation for investors in NASDAQ:KNDI shares over potential securities laws violations by Kandi Technologies Group was announced.
Investors who purchased shares of Kandi Technologies Group Inc (NASDAQ:KNDI), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on whether a series of statements by Kandi Technologies Group regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Kandi Technologies Group Inc reported that its annual Total Revenue rose from $170.23 million in 2014 to $201.07 million in 2015 and that its Net Income grew from $12.27 million in 2014 to $14.67 million in 2015.
On March 15, 2016, a Chinese financial journal reported 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.
On November 9, 2016, Kandi Technologies Group Inc announced its financial results for the third quarter of 2016. Kandi Technologies Group Inc’s revenue fell over 87% year-over-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 above stated investigation, depriving Kandi of operating capital.
On November 14, 2016, Kandi announced the resignation of Wang Chen as its Chief Financial Officer (“CFO”) and the appointment of Mei Bing as Kandi Technologies Group Inc’s new CFO.
Shares of Kandi Technologies Group Inc (NASDAQ:KNDI) declined on November 14, 2016 to as low as $3.40 per share.
On December 13, 2016, NASDAQ:KNDI shares closed at $5.57 per share.
Those who purchased NASDAQ:KNDI shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com