NEW YORK, March 14, 2017 /PRNewswire/ -- Tripp Levy PLLC, a national securities litigation firm, is investigating whether Kandi Technologies Corp. ("Kandi" or the "Company") (NASDAQ: KNDI) and certain of its officers and directors violated federal securities laws following the Company's announcement 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 13, 2017, after the markets closed, Kandi announced that, the Company identified issues with its financial statements for 2014, 2015, and the first three quarters of 2016. These issues, Kandi said, require it to restate various financial statements, including for certain equity investments, corrections to the classification of notes receivable and payable in its cash flow statements, separate identification of related party accounts in the face of balance sheets and the consolidated statements of income loss and comprehensive income, and amendment of certain taxes, among others.
Because of these issues, the Company's management concluded that Kandi's previously issued financial statements should no longer be relied upon and that the Company is reassessing its internal controls over financial reporting.
On this news, the Company's stock has fallen in intra-day trading, causing losses to investors.
If you purchased shares of Kandi Technologies and suffered losses on your investment and would like to learn more about this investigation and your ability to potentially recover your losses, please contact us either by email at firstname.lastname@example.org or by telephone at 1-800-511-7037 or contact us via our website.
Tripp Levy PLLC is a national law firm representing plaintiffs in a wide range of matters against corporate wrongdoers.
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SOURCE Tripp Levy PLLC