World News: 16:57 GMT Friday 21st April 2017. [Levi & Korsinsky, LLP via Globe Newswire via SPi World News]
NEW YORK, April 21, 2017 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:
or contact Joseph E. Levi, Esq. either via email at or by telephone at (212) 363-7500, toll-free: (877) 363-5972.
The complaint alleges that throughout the class period Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) certain areas in Kandi’s previously issued financial statements for the years ended December 31, 2015 and 2014, and the first three quarters for the year ended December 31, 2016 required adjustment; (2) in turn, Kandi lacked effective controls over financial reporting; and (3) as a result, defendants’ statements about Kandi’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times
On March 14, 2017, Kandi revealed that its previously issued financial statements for the years ended December 31, 2015 and 2014, and the first three quarters for the year ended December 31, 2016 will need to be restated. On this news shares of Kandi fell approximately 7% to close at $4.05 per share on March 14, 2017, further damaging investors.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
Globe Newswire: 16:57 GMT Friday 21st April 2017
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