OAKLAND, Calif.–(BUSINESS WIRE)–Kandi Technologies Group, Inc. shares dropped 28% on November 30, 2020 and continued dropping an additional 12% on December 1, 2020 after a scathing report by Hindenburg Research alleged the Chinese electric vehicle company used “fake sales” to “falsify revenue.” Gibbs Law Group is investigating a potential Kandi Securities Class Action Lawsuit on behalf of investors who lost money in Kandi Technologies Group, Inc. (NASDAQ:KNDI).
To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
On Monday November 30, 2020, Hindenburg Research released a report alleging that Kandi Technologies Group, Inc. has allegedly faked over half of its last twelve month (LTM) sales by masking its own subsidiaries or former subsidiaries as simply “unnamed” customers. The report alleges its largest customer representing 55% of LTM sales shares an executive with Kandi, shares a phone number with a known Kandi subsidiary, and is located next door to Kandi’s factory. The report further alleges that Kandi’s current auditor Marcum Bernstein & Pinchuk LLP was recently banned from auditing Chinese companies by the Public Company Accounting Oversight Board, a federal watchdog established by Congress; but according to Hindenburg, Kandi recently reported its intention to continue working with Marcum BP, instead of cutting ties with the auditor.
On this news, Kandi’s stocks dropped 28% by close of trading on Monday November 30, 2020 and continued dropping 12% today, causing significant harm to investors.
What Should Kandi Investors Do?
If you invested in Kandi, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Kandi Technologies Group, Inc. has violated federal securities laws.
About Gibbs Law Group
Gibbs Law Group represents individual and institutional investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”
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