Defendant Name:
Kandi Technologies Group, Inc.
Defendant Type:
Public Company
SIC Code:
3711
CUSIP:
48370910
Document Reference:
33-11240
Document Details
Legal Case Name
In the Matter of Kandi Technologies Group, Inc.
Document Name
Order Instituting Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
21-Sep-2023
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On September 21, 2023, the SEC instituted settled cease-and-desist proceedings against Kandi Technologies Group, Inc., stating: "Throughout 2019 and 2020, Kandi, a China-based manufacturer of vehicles,
including go-karts, all-terrain vehicles, and electric cars, made materially misleading statements
and omissions concerning its planned launch of highway passenger electric vehicles (“EVs”) in the
United States. Kandi’s statements created the false impression that, among other things, Kandi’s
EVs had satisfied all U.S. safety requirements and received regulatory approvals, and that the sale
of Kandi EVs in the U.S. was imminent."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Civil Penalty
Individual:
$710,000.00
Shared:
