Trending...
- Reflectel Mirror TV + HearthCabinet® Ventless Fireplaces: Designing the Future of Luxury Interiors
- Botwise Solutions: AI Chatbots for Automated Customer Support and Business Optimization
- Naturally New York Announces Inaugural Holiday Bazaar Event, Presented by Bank of America
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Xiao-I To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $50,000 in Xiao-I as a result of purchasing (a) Xiao-I American depository shares (ADSs) issued in connection with the Company's initial public offering on or about March 9, 2023 and/or (b) Xiao-I securities between March 9, 2023 and July 12, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
[You may also click here for additional information]
NEW YORK, Nov. 8, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Xiao-I Corporation ("Xiao-I" or the "Company") (NASDAQ: AIXI) and reminds investors of the December 16, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
More on Nyenta.com
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that (1) Defendants had downplayed the true scope and severity of risks that Xiao-I faced due to certain of its Chinese shareholders' non-compliance with Circular 37 Registration, including the Company's inability to use Offering proceeds for intended business purposes; (2) Xiao-I failed to comply with GAAP in preparing its financial statements; (3) Defendants overstated Xiao-I's efforts to remediate material weaknesses in the Company's financial controls; (4) Xiao-I was forced to incur significant R&D expenses to effectively compete in the AI industry; (5) Xiao-I downplayed the significant negative impact that such expenses would have on the Company's business and financial results; (6) accordingly, Xiao-I overstated its AI capabilities, R&D resources, and overall ability to compete in the AI market; (7) as a result of all the foregoing, there was a substantial likelihood that Xiao-I would fail to comply with the NASDAQ's Minimum Bid Price Requirement; and (8) as a result, the Offering Documents and Defendants' public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
On or around March 8, 2023, Xiao-I launched its initial public offering (IPO), selling 5.7 million American depositary shares (ADSs) at $6.80 each. Since the IPO, the price of Xiao-I's ADSs has dropped significantly, causing losses for investors.
On August 10, 2023, Xiao-I Corporation filed with the U.S. Securities and Exchange Commission its amended annual report for the year ended December 31, 2022 on Form 10-K/A. In the amended annual report, Xiao-I disclosed that "However, should there be any changes to PRC laws and regulations or internal control policies of Bank of Ningbo in the future, [Zhizhen Artificial Technology (Shanghai) Company Limited, a Company subsidiary] then may be restricted from transferring funds from overseas to its capital account with Bank of Ningbo as a result."
On this news, the price of Xiao-I American Depositary Shares ("ADSs") fell $0.93 per ADS, or 11.56%, to close at $7.11 on August 11, 2023.
More on Nyenta.com
On July 15, 2024, Xiao-I issued a press release announcing "that it received a notification letter dated July 11, 2024 (the 'Deficiency Letter') from the Listing Qualifications Department of [t]he [NASDAQ], indicating that the Company is no longer in compliance with the minimum bid price requirement as set forth in Nasdaq Listing Rule 5450(a)(1) as the Company's closing bid price per [ADS] . . . has been below $1.00 for a period of 30 consecutive business days."
On this news, Xiao-I's ADS price fell 2.28% to close at approximately $0.67 per ADS on July 15, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Xiao-I's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Xiao-I Corporation class action, go to www.faruqilaw.com/AIXI or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
Follow us for updates on LinkedIn, on X, or on Facebook.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
SOURCE Faruqi & Faruqi, LLP
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
440k+
Newsrooms &
Influencers
9k+
Digital Media
Outlets
270k+
Journalists
Opted In
GET STARTED
If you suffered losses exceeding $50,000 in Xiao-I as a result of purchasing (a) Xiao-I American depository shares (ADSs) issued in connection with the Company's initial public offering on or about March 9, 2023 and/or (b) Xiao-I securities between March 9, 2023 and July 12, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
[You may also click here for additional information]
NEW YORK, Nov. 8, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Xiao-I Corporation ("Xiao-I" or the "Company") (NASDAQ: AIXI) and reminds investors of the December 16, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
More on Nyenta.com
- MICHEAUX ZERO Launches A Non-Alcoholic Premium Scotch Whiskey
- New Rochelle: December Events!
- Frommer's Names Best Places to Go in 2025
- Rochester: City Launches Community-Wide Survey on the Impact of the Opioid Epidemic
- New Rochelle: December Events!
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that (1) Defendants had downplayed the true scope and severity of risks that Xiao-I faced due to certain of its Chinese shareholders' non-compliance with Circular 37 Registration, including the Company's inability to use Offering proceeds for intended business purposes; (2) Xiao-I failed to comply with GAAP in preparing its financial statements; (3) Defendants overstated Xiao-I's efforts to remediate material weaknesses in the Company's financial controls; (4) Xiao-I was forced to incur significant R&D expenses to effectively compete in the AI industry; (5) Xiao-I downplayed the significant negative impact that such expenses would have on the Company's business and financial results; (6) accordingly, Xiao-I overstated its AI capabilities, R&D resources, and overall ability to compete in the AI market; (7) as a result of all the foregoing, there was a substantial likelihood that Xiao-I would fail to comply with the NASDAQ's Minimum Bid Price Requirement; and (8) as a result, the Offering Documents and Defendants' public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
On or around March 8, 2023, Xiao-I launched its initial public offering (IPO), selling 5.7 million American depositary shares (ADSs) at $6.80 each. Since the IPO, the price of Xiao-I's ADSs has dropped significantly, causing losses for investors.
On August 10, 2023, Xiao-I Corporation filed with the U.S. Securities and Exchange Commission its amended annual report for the year ended December 31, 2022 on Form 10-K/A. In the amended annual report, Xiao-I disclosed that "However, should there be any changes to PRC laws and regulations or internal control policies of Bank of Ningbo in the future, [Zhizhen Artificial Technology (Shanghai) Company Limited, a Company subsidiary] then may be restricted from transferring funds from overseas to its capital account with Bank of Ningbo as a result."
On this news, the price of Xiao-I American Depositary Shares ("ADSs") fell $0.93 per ADS, or 11.56%, to close at $7.11 on August 11, 2023.
More on Nyenta.com
- Invenio IT Expands Cybersecurity Offerings with Datto Antivirus (AV)
- Long Island Company Offers Heated Restroom Trailers for Winter Events
- The WIT (Women in Technology) Network Appoints Cheryl Stookes as Strategic Advisor
- "Federal Complaint Filed: David Medeiros Uncovers Medicaid Mismanagement, ADA Violations, and Systemic Failures in Connecticut"
- Strata Credit Union Selects Scienaptic's AI-Powered Credit Underwriting Platform
On July 15, 2024, Xiao-I issued a press release announcing "that it received a notification letter dated July 11, 2024 (the 'Deficiency Letter') from the Listing Qualifications Department of [t]he [NASDAQ], indicating that the Company is no longer in compliance with the minimum bid price requirement as set forth in Nasdaq Listing Rule 5450(a)(1) as the Company's closing bid price per [ADS] . . . has been below $1.00 for a period of 30 consecutive business days."
On this news, Xiao-I's ADS price fell 2.28% to close at approximately $0.67 per ADS on July 15, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Xiao-I's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Xiao-I Corporation class action, go to www.faruqilaw.com/AIXI or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
Follow us for updates on LinkedIn, on X, or on Facebook.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
SOURCE Faruqi & Faruqi, LLP
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
440k+
Newsrooms &
Influencers
9k+
Digital Media
Outlets
270k+
Journalists
Opted In
GET STARTED
Filed Under: Business
0 Comments
Latest on Nyenta.com
- Biovenic: Driving Innovation in Animal Breeding for a Sustainable Future
- Canyon Partners Expands Product Team with Senior Hire
- Time to Investigate Mental Health Research Waste on Bizarre Animal Studies
- Shawmut Design and Construction Builds Out Large Project Division in New York Metro Region to Advance Strategic Growth
- Park Avenue Medicine & Surgery Introduces Exclusive Concierge Medicine Membership
- MTCH Investors Have Opportunity to Lead Match Group, Inc. Securities Fraud Lawsuit Filed by The Rosen Law Firm
- The World's No.1 Superstar Is Celebrating His 21st Birthday for the 28th Time Today!
- DEADLINE ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Edwards Lifesciences Corporation
- DEADLINE ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of ASML Holding
- Who is Stan Fitzgerald Georgia Veterans for America First state chapter Political Director
- DEADLINE ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Xiao-I Corporation
- Black Friday Marks the Exciting Relaunch of "Merry Go Round" Clothing Store
- CMG Investors Have Opportunity to Lead Chipotle Mexican Grill, Inc. Securities Fraud Lawsuit Filed by The Rosen Law Firm
- Leading Independent Proxy Advisory Firm ISS Recommends Carver Bancorp, Inc. Stockholders Vote FOR the Company's Highly Qualified Director Nominees
- 4th Annual Pompano Fall Festival: Shirley Murdock, Adina Howard, Jeezy, and Plies Headline Broward County's Top Music Festival
- Climate-Tech Founder Nicholas Kee on the Climate Solution That Might Just Save Mankind
- Epicsoft Technologies Launches Innovative Software Development Services for Businesses Worldwide
- Uninterrupted Power Supply Market Skyrockets to $17.52 Billion by 2031 Dominated by Tech Giants - Schneider Electric, Emerson Electric Co and Toshiba Corporation | The Insight Partners
- San Francisco Bay Area Songwriting Duo Razteria and Dave Shul Release Retro Rock Pop Album Prowess Blossoming
- Global Chauffeur Service -Your Premium Travel Solution