Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
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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Our Featured Securities Team
Eileen works closely with investors in securities cases and has over a decade of experience in the legal world. She received her law degree from American University in 2005.
David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.
Amanda is a member of the legal team in a securities lawsuit against NantHealth alleging false statements to investors about the success of its key product.
Gibbs Law Group’s financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. Our attorneys have successfully litigated against some of the largest companies in the United States, and we have recovered more than a billion dollars on our clients’ behalf.
Gibbs Law Group's Financial Fraud Experience
We have fought some of the most complex cases brought under federal and state laws nationwide, and our attorneys have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern California, Top Plaintiff Lawyers in California, The Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).
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