According to the Complaint, Kingold Jewelry, Inc. purports to design, manufacture, and sell 24-karat gold jewelry and Chinese ornaments in the People's Republic of China.

The Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (1) Kingold used fake gold as collateral to fraudulently secure loans; (2) consequently, the Company would face creditor lawsuits and be delisted from the Shanghai Gold Exchange; and (3) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On December 22, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff voluntarily dismissed the case on March 4, 2021.