Defendant Name: Kandi Technologies Group, Inc.

Defendant Type: Public Company

Document Reference: 33-11240-s

Document Details

Legal Case Name In the Matter of Kandi Technologies Group, Inc.
Document Name SEC Charges China-Based Vehicle Manufacturer with Making Materially Misleading Statements Regarding Its Planned Launch of Electric Vehicles in the U.S.
Document Date 21-Sep-2023
Document Format Administrative Proceeding
File Number 3-21697
Allegation Type Issuer Reporting and Disclosure
Document Summary On September 21, 2023, the SEC "announced settled charges against Kandi Technologies Group, Inc. (“Kandi”), a China-based vehicle manufacturer. The SEC’s Order finds that throughout 2019 and 2020, Kandi made materially misleading statements and omissions in periodic filings and press releases about its planned launch of highway passenger electric vehicles (“EVs”) in the United States. Without admitting or denying the findings, Kandi consented to a cease-and-desist order and payment of a $710,000 civil penalty."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Monetary Penalties:

Civil Penalty

Individual:     $710,000.00 Shared:    

Related Documents:

33-11240 21-Sep-2023 Administrative Proceeding
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
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."