NEW YORK, March 16, 2017 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed
against Kandi Technologies Group, Inc. (“Kandi” or the “Company”) (NASDAQ: KNDI) and certain of its officers. The class action,
filed in United States District Court, Southern District of New York, and docketed under 17-cv-01944, is on behalf of a class
consisting of all persons or entities who purchased or otherwise acquired Kandi securities between March 16, 2015 and March 13,
2017 both dates inclusive (the “Class Period”), seeking to recover compensable damages caused by defendants’ violations of the
Securities Exchange Act of 1934.
If you are a shareholder who purchased Kandi securities during the Class Period, you have until May 15, 2017 to ask
the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
[Click here to join this class action]
Kandi Technologies Group, Inc., through its subsidiaries, designs, produces, manufactures, and distributes electric
vehicles (EVs) products, EV parts, and off-road vehicles in the People’s Republic of China and internationally. Its EV parts
comprise battery packs, body parts, EV drive motors, EV controllers, air conditioning units, and other auto parts.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects.
Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) certain areas in the
Company’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; (ii) in turn, the Company lacked effective internal controls over financial
reporting; and (iii) as a result of the foregoing, Kandi’s public statements were materially false and misleading at all relevant
times.
On November 14, 2016, the Company announced the abrupt resignation of Cheng Wang, the Company’s Chief Financial
Officer (“CFO”) at the time. On this news, Kandi’s share price fell $0.40, or over 10%, to close at $3.50 on November 14,
2016.
On March 13, 2017, post market, Kandi filed a Current Report on Form 8-K with the SEC, announcing that the
Company would restate 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. On this news, Kandi’s share price fell $0.30, or approximately 6%, to close at
$4.05 on March 14, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
