BOSTON, March 14, 2017 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, 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, in preparing its annual report and during responses to comments from the Securities and Exchange Commission, 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 plunged nearly 10% pre-market, causing tens of millions in losses to investors.
If you purchased or otherwise acquired Kandi securities and have questions about your legal rights or possess information relevant to this investigation, please contact attorney Bradley Vettraino at (617) 398-5600, by email at firstname.lastname@example.org, 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.
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Block & Leviton LLP
Bradley J. Vettraino
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SOURCE Block & Leviton LLP