The complaint alleges that throughout the class period Kandi issued materially misleading and/or false statements and/or failed to disclose that: (i) Kandi’s reported revenues were artificially inflated through undisclosed related party transactions, or otherwise had relationships with key customers indicating that those customers did not have an arms length relationship with Kandi; (ii) in the past year, the majority of Kandi’s sales had been to undisclosed related parties and/or parties with such a close relationship and history with Kandi that it cast doubt in regard to the arms-length nature of their relationship; (iii) all the foregoing, once revealed, was foreseeably likely to cast doubt on the validity of Kandi’s reported revenues, having a foreseeable negative impact on the Kandi’s valuation and reputation; and (iv) as a result, Kandi’s public statements were materially misleading and false at all relevant times, as a result.
Kandi Technologies, Inc.
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