San Diego, CA -- (SBWIRE) -- 12/22/2020 -- An investor, who purchased NASDAQ: KNDI shares, filed a lawsuit against Kandi Technologies Group, Inc. over alleged violations of Federal Securities Laws.

Investors who purchased shares of Kandi Technologies Group, Inc. (NASDAQ: KNDI) have certain options and for certain investors are short and strict deadlines running. Deadline: February 9, 2021. NASDAQ: KNDI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On November 30, 2020, a report was published entitled "Kandi: How This China-Based NASDAQ-Listed Company Used Fake Sales, EV Hype to Nab $160 Million From U.S. Investors[.]" Citing "extensive on-the-ground inspection at Kandi's factories and customer locations in China, interviews with over a dozen former employees and business partners, and review of numerous litigation documents and international public records," the Hindenburg report alleged that almost 64% of Kandi's sales over the year have been to undisclosed related parties. The report also alleged that "[Kandi] has consistently booked revenue it cannot collect, a classic hallmark of fake revenue[.]"

Shares of Kandi Technologies Group, Inc. (NASDAQ: KNDI) declined from $17.45 per share on November 24, 2020, to as low as $7.02 per share on December 2, 2020.

The plaintiff claims that between March 15, 2019 and November 27, 2020, the Defendants made false and/or misleading statements and/or failed to disclose that Kandi artificially inflated its reported revenues through undisclosed related party transactions, or otherwise had relationships with key customers that indicated those customers did not have an arms-length relationship with Kandi, that the majority of Kandi's sales in the past year had been to undisclosed related parties and/or parties with such a close relationship and history with Kandi that it cast doubt on the arms-length nature of their relationship, that all the foregoing, once revealed, was foreseeably likely to cast doubt on the validity of Kandi's reported revenues and, in turn, have a foreseeable negative impact on the Company's reputation and valuation, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Kandi Technologies Group, Inc. (NASDAQ: KNDI) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.