NEW YORK, Dec. 01, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Kandi Technologies Group (NASDAQ: KNDI) on behalf of Kandi stockholders. Our investigation concerns whether Kandi has violated the federal securities laws and/or engaged in other unlawful business practices.
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On November 30, 2020, analyst Hindenburg Research published a 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 sharply to close at $9.76 per share, a decline of approximately 28%.
If you purchased or otherwise acquired Kandi shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.