On Monday December 30, 2020, Hindenburg Research released a report alleging that Chinese electric vehicle manufacturer Kandi Technologies, Group, Inc. has allegedly faked over half of its last twelve month (LTM) sales by masking its own subsidiaries or former subsidiaries as as simply “unnamed” customers. Following this report, Kandi shares dropped 28%, causing significant harm to investors.

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Kandi Stock Plummets 28% After Scathing Report by Hindenburg Research

Hindenburg Research released a report alleging that Kandi Technologies Group, Inc. used “fake sales” to “falsify revenue.” The report alleges its largest customer representing 55% of LTM sales shares an executive with Kandi, shares a phone number with a known Kandi subsidiary, and is located next door to Kandi’s factory.

The report further alleges that Kandi’s current auditor Marcum Bernstein & Pinchuk LLP was recently banned from auditing Chinese companies by the Public Company Accounting Oversight Board (PCAOB), a federal watchdog established by Congress; but according to Hindenburg, Kandi recently reported its intention to continue retaining Marcum BP, instead of firing them.

On this news, Kandi’s stocks dropped 28% by close of trading on Monday November 30, 2020 and continued dropping 12% the next day, causing significant harm to investors.

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