The Shareholders Foundation announces that an investigation on behalf of investors of Kandi Technologies Group Inc (NASDAQ:KNDI) shares was launched over potential securities laws violations by Kandi Technologies Group and certain of its directors and officers in connection certain financial statements.
Investors who purchased shares of Kandi Technologies Group Inc (NASDAQ:KNDI) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on 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.
Kandi Technologies Group Inc reported that its annual Total Revenue rose from $40.18 million in 2011 to $94.54 million in 2013 while its Net Income of $9.11 million declined to a Net loss of $21.14 million in 2013. Sharers of Kandi Technologies Group Inc (NASDAQ:KNDI) grew from $3.71 per share in March 2013 to as high as $21.41 per share in March 2014.
Then on May 5, 2014, the Securities and Exchange Commission (“SEC”) charged a Toronto-based consultant and four associates with allegedly conducting illegal reverse merger schemes to bring a pair of China-based companies into the U.S. markets so they could manipulate trading and reap millions of dollars in illicit profits. The SEC alleges that S. Paul Kelley and three of the associates acquired controlling interests in two U.S. public shell companies in order to orchestrate reverse mergers with China Auto Logistics Inc. and Guanwei Recycling Corp. According to the SEC’s complaint filed in U.S. District Court for the District of New Jersey, the schemes involving China Auto and Guanwei Recycling occurred in 2008 and 2009. Becker, Lockhart, and Tazbaz orchestrated manipulative trading in a third China-based issuer Kandi Technologies in 2009 and 2010.
Sharers of Kandi Technologies Group Inc (NASDAQ:KNDI) closed on May 23, 2014, at $11.47 per share.
Those who purchased shares of Kandi Technologies Group Inc have certain options and should contact the Shareholders Foundation.
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