NEW YORK, Nov. 15, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the Kandi Technologies Group, Inc. ("Kandi" or the "Company") (NASDAQ: KNDI). Such investors are advised to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/kndi.
The investigation concerns whether Kandi and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On March 15, 2016, Caixin, the Chinese financial journal, released a report describing how the Chinese government was investigating electric car makers and local officials that may have defrauded the government of millions of dollars in subsidies through a scheme whereby manufacturers were selling vehicles to their own rental subsidiaries (the "Investigation"). Following this news, Kandi stock dropped $0.97 per share, or 10.51%, to close at $8.26 on March 15, 2016.
On November 9, 2016, Kandi revealed its financial results for 2016's third quarter, showing Kandi's income dropped over 87% year after year. Following the Chinese government's decision to withhold subsidies pending the Investigation results, thereby depriving Kandi's operating capital, Kandi's bottom line dropped to a $600,000 loss. Then on November 14, 2016, Kandi announced that its Chief Financial Officer ("CFO"), Wang Chen, resigned from his position to become Chief Strategy Officer, and that Mei Bing was appointed Kandi's new CFO. Following this news, Kandi stock dropped $0.40, or 10.26%, to close at $3.50 on November 14, 2016.
If you are aware of any facts relating to this investigation, or purchased Kandi shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/kndi. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.