NEW YORK, July 1, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Kingold Jewelry Inc. ("Kingold" or the "Company") (NASDAQ: KGJI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Kingold and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On June 29, 2020, multiple news outlets reported that Kingold may have used counterfeit gold as collateral to secure loans from more than a dozen Chinese financial institutions, reporting that at least some of 83 tons of gold bars used as collateral turned out to be nothing but gilded copper.
On this news, Kingold's stock price fell $0.27 per share, or 24.11%, to close at $0.85 per share on June 29, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP