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Case Status:    DISMISSED    
On or around 10/07/2019 (Other)

Filing Date: March 14, 2017

According to the law firm press release, the lawsuit alleges defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) certain areas in Kandi’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; (2) in turn, Kandi lacked effective controls over financial reporting; and (3) as a result, defendants’ statements about Kandi’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On November 14, 2016, Kandi announced the abrupt resignation of its CFO. On this news, shares of Kandi fell $0.40 per share or over 10% from its previous closing price to close at $3.50 per share on November 14, 2016, damaging investors. On March 14, 2017, Kandi revealed that its 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 will need to be restated. On this news shares of Kandi fell $0.30 per share or approximately 7% to close at $4.05 per share on March 14, 2017, further damaging investors.

This case was voluntarily dismissed on May 30, 2017. A related case continues under Docket 17-CV-01944 in the Southern District of New York.

On May 29, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed a consolidated amended Complaint on August 31. The Court issued an Order consolidating cases on November 15. Defendants filed a Motion to Dismiss the consolidated amended Complaint on December 14. On September 30, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. The Court amended the Dismissal Order on October 4.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Auto & Truck Manufacturers
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: KNDI
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 17-CV-02025
JUDGE: Hon. Consuelo B. Marshall
DATE FILED: 03/14/2017
CLASS PERIOD START: 03/16/2015
CLASS PERIOD END: 03/13/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New Los Angeles)
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 17-CV-01944
JUDGE: Hon. Consuelo B. Marshall
DATE FILED: 08/31/2018
CLASS PERIOD START: 11/15/2013
CLASS PERIOD END: 03/13/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Gainey McKenna & Egleston
    440 Park Avenue South, 5th Floor, Gainey McKenna & Egleston, NY 10016
    212.983.1300 212.983.0380 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, 20th Floor, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
—Related District Court Filings Data is not available