NEW YORK, Dec. 03, 2020 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against Kandi Technologies Group (“Kandi” or the “Company”) (NASDAQ: KNDI ). The investigation focuses on whether the Company has violated the federal securities laws and/or engaged in other unlawful business practices.
On November 30, 2020, Hindenburg Research (“Hidenberg”) published a research report concerning Kandi Technologies Group, Inc., calling Kandi “a brazen scheme” that “falsif[ied] revenue using fake sales to undisclosed affiliates.” Hindenburg said that its report was based on “interviews with over a dozen former employees and business partners” of Kandi, as well as an “extensive on-the-ground inspection at Kandi’s factories and customer locations in China.” Hindenburg asserted that approximately 64% of Kandi’s sales in the last twelve months were to undisclosed related parties, and that Kandi “has consistently booked revenue it cannot collect, a classic hallmark of fake revenue.”
On this news, Kandi’s stock price fell by $3.86 per share, or approximately 28%, to close at $9.76 per share on November 30, 2020.
If you purchased or otherwise acquired Kandi securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com , or by filling out this contact form , to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com .
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-371-6600
https://www.kmllp.com
investigations@kmllp.com
