The complaint alleges that between March 15, 2018, and June 28, 2020 the Company made materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts about the Company’s business, operations, and prospects, which were known to Defendants or recklessly disregarded by them.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Kingold used fake gold as collateral to fraudulently secure loans; (ii) consequently, the Company would face creditor lawsuits and be delisted from the Shanghai Gold Exchange; and (iii) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On June 29, 2020, before the market opened, Caixin Global published an article entitled “Cover Story: The Mystery of $2 Billion of Loans Backed by Fake Gold.”  The article stated, among other things, that Kingold had used gold bars that were actually gilded copper as collateral in loans and was now facing lawsuits as a result, and that Kingold had been delisted from the Shanghai Gold Exchange.

On this news, shares of Kingold stock fell $0.27 per share, or over 24%, to close at $0.85 per share on June 29, 2020.

Kingold Jewelry, Inc.

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We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.

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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
8240 Beverly Blvd., Suite 9
Los Angeles, CA 90048
info@portnoylaw.com