LOS ANGELES, CA / ACCESSWIRE / December 31, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Kandi Technologies Group, Inc. ("Kandi" or "the Company") (NASDAQ:KNDI) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Kandi is the subject of a report published by Hindenburg Research on November 30, 2020, titled: "Kandi: How This China-Based NASDAQ-Listed Company Used Fake Sales, EV Hype to Nab $160 Million From U.S. Investors." Hindenburg claims its report is based on "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 report claims that 64% of the Company's sales during the year were to undisclosed related parties. The report also alleges that the Company "has consistently booked revenue it cannot collect, a classic hallmark of fake revenue."
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SOURCE: The Schall Law Firm