Kandi Technologies Group, Inc. Securities Litigation (2020)

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Lawsuit Overview

Defendant:Kandi Technologies Group, Inc.
Date Filed:December 11th, 2020
Sector:Capital Goods
Industry:Auto Manufacturing
Class Start Date:March 15th, 2020
Class End Date:November 27th, 2020

According to the Complaint, Kandi Technologies Group, Inc., through its subsidiaries, designs, develops, manufactures, and commercializes EV products and parts and off-road vehicles in China and internationally.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Kandi artificially inflated its reported revenues through undisclosed related party transactions, or otherwise had relationships with key customers that indicated those customers did not have an arms-length relationship with Kandi; (ii) the majority of Kandi's sales in the past year had been to undisclosed related parties and/or parties with such a close relationship and history with Kandi that it cast doubt on the arms-length nature of their relationship; (iii) all the foregoing, once revealed, was foreseeably likely to cast doubt on the validity of Kandi's reported revenues and, in turn, have a foreseeable negative impact on the Company's reputation and valuation; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.

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First Identified Complaint

Leonel Valdes, et al. v. Kandi Technologies Group, Inc., et al.

Date Filed:December 11th, 2020
Class Period Start:March 15th, 2020
Class Period End:November 27th, 2020
First Identified Complaint Filings
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