NEW
YORK, Nov. 21, 2024 /PRNewswire/ -- The Gross
Law Firm issues the following notice to shareholders of Xiao-I
Corporation (NASDAQ: AIXI).
Shareholders who purchased shares of AIXI during the class
period listed are encouraged to contact the firm regarding possible
lead plaintiff appointment. Appointment as lead plaintiff is not
required to partake in any recovery.
CONTACT US HERE:
https://securitiesclasslaw.com/securities/xiao-i-corporation-loss-submission-form/?id=112800&from=4
CLASS PERIOD: March 9, 2023
to July 12, 2024
ALLEGATIONS: The complaint alleges that during the
class period, Defendants issued materially false and/or misleading
statements and/or failed to disclose that: (i) defendants had
downplayed the true scope and severity of risks that Xiao-I faced
due to certain of its Chinese shareholders' non-compliance with
foreign investment enterprises established by way of
round-tripping, including the Company's inability to use offering
proceeds for intended business purposes; (ii) Xiao-I had failed to
comply with Generally Accepted Accounting Principles in preparing
its financial statements; (iii) defendants had overstated Xiao-I's
efforts to remediate material weaknesses in the Company's financial
controls; (iv) Xiao-I was forced to incur significant R&D
expenses to effectively compete in the AI industry; (v) Xiao-I had
downplayed the significant negative impact that such expenses would
have on the Company's business and financial results; (vi)
accordingly, Xiao-I overstated its AI capabilities, R&D
resources, and overall ability to compete in the AI market; (vii)
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 (viii) 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.
DEADLINE: December 16, 2024
Shareholders should not delay in registering for this class action.
Register your information here:
https://securitiesclasslaw.com/securities/xiao-i-corporation-loss-submission-form/?id=112800&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you register as a
shareholder who purchased shares of AIXI during the timeframe
listed above, you will be enrolled in a portfolio monitoring
software to provide you with status updates throughout the
lifecycle of the case. The deadline to seek to be a lead plaintiff
is December 16, 2024. There is no
cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally
recognized class action law firm, and our mission is to protect the
rights of all investors who have suffered as a result of deceit,
fraud, and illegal business practices. The Gross
Law Firm is committed to ensuring that companies adhere to
responsible business practices and engage in good corporate
citizenship. The firm seeks recovery on behalf of investors who
incurred losses when false and/or misleading statements or the
omission of material information by a company lead to artificial
inflation of the company's stock. Attorney advertising. Prior
results do not guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903
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SOURCE The Gross Law Firm