BOSTON, March 16, 2017 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, announces that it has filed a class action lawsuit against Kandi Technologies Group, Inc. ("Kandi" or the "Company") (NASDAQ: KNDI) and certain of its officers and directors for violations of the federal securities laws.
On March 13, 2017, the Company announced that its shareholders should not rely on the Company's previously issued financial statements and that it will restate its financial results for 2014, 2015, and the first three quarters of 2016.
On March 14, 2017, shares fell nearly 7% and are down another 8% today, causing tens of millions in losses to investors.
The class action lawsuit, brought on behalf of investors who purchased or otherwise acquired Kandi securities between May 12, 2014 through March 13, 2017, inclusive (the "Class Period"), alleges that throughout the Class Period, Kandi made materially false and/or misleading statements concerning various aspects of the Company's financial statements for the years ended 2014, 2015, and the first three quarters of 2016.
If you wish to serve as a lead plaintiff, you must move the Court no later than May 15, 2017. As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member. If you wish to become involved in the litigation or have questions about your legal rights, please contact attorney Bradley Vettraino at (617) 398-5600, by email at email@example.com, or by visiting www.blockesq.com/kandi.
Confidentiality to whistleblowers or others with information relevant to this investigation is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
The case, filed March 16, 2017, is pending in the United States District Court for the Southern District of New York, and is captioned Reichenstein v. Kandi Technologies Group, Inc., et al., No. 1:17-cv-01930.
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Block & Leviton LLP
Bradley J. Vettraino
155 Federal Street, Suite 400
Boston, MA 02110
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SOURCE Block & Leviton LLP