NEW YORK, Oct. 18, 2024 (GLOBE NEWSWIRE) —
WHY: Rosen Law Firm, a global investor rights law firm, announces that it has filed a class action on behalf of purchasers of Xiao-I Corporation (NASDAQ: AIXI): (i) American depository shares (“ADSs”) pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering conducted on or about March 9, 2023 (the “IPO” or “Offering”); and/or (ii) securities between March 9, 2023 and July 12, 2024 (the “Class Period”). A class action has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 16, 2024.
SO WHAT: If you purchased Xiao-I American depository shares pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering or securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Xiao-I class action, go to https://rosenlegal.com/submit-form/?case_id=25023 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 16, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, the Offering Documents and defendants made false and/or misleading statements and/or failed 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, which imposes certain registration requirements on Chinese residents that contribute domestic assets or interests to offshore companies, including Xiao-I’s inability to use Offering proceeds for intended business purposes; (2) Xiao-I failed to comply with the U.S.’s Generally Accepted Accounting Principles (“GAAP”) in preparing its financial statements; (3) defendants overstated Xiao-I’s efforts to remediate material weaknesses in Xiao-I’s financial controls; (4) Xiao-I was forced to incur significant research and development (“R&D”) expenses to effectively compete in the AI industry; (5) Xiao-I downplayed the significant negative impact that such expenses would have on Xiao-I’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 NASDAQ’s listing requirements, including, inter alia, that its ADSs maintain a minimum closing bid price of $1.00 per share, (the “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. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Xiao-I class action, go to https://rosenlegal.com/submit-form/?case_id=25023 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
case@rosenlegal.com
www.rosenlegal.com
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