Kandi Technologies Group Inc manufactures small vehicles including all terrain vehicles (ATVs), golf carts, motor cycles, motor scooters and go-karts. The Company also is focused on the development of energy saving mini-cars.
It was alleged that the stock price and volume were artificially inflated from Jun 2009 to Dec 2010 by S. Paul Kelley and co., who were involved in a settled securities fraud case with the SEC.
It was also accused of covering up over-stated revenue and EV sales numbers in 2009-2011.
Panama Papers leak revealed intentional concealment of self-dealing transaction by the chairman and an unexplained $80 million discrepancy between Kandi and Geely filings.
It was investigated by Block & Leviton LLP in 2017 after it announced accounting errors and restatement of 3 years of financial results.
Forbes: Kandi Technologies: Weighing The Evidence, 31 May 2013
Seeking Alpha: Kandi Technologies: Chinese EV Clunker Begins To Break Down Amid Subsidy Scandal, 18 Aug 2016
PR Newswire: Kandi Technologies Corp. Investigated For Securities Fraud By Block & Leviton After Announcing Numerous Accounting Issues And A Multi-Year Restatement Of Its Financial Results, 14 Mar 2017