[ad_1]
Shares of Kandi Technologies Group Inc. KNDI,
fell 24.5% on Monday, after short seller Hindenburg Research attacked the China-based electric vehicle maker, alleging a “cheeky ploy” to “tamper with revenue using bogus sales to non-affiliates. disclosed. Trading volume has climbed to 29.5 million shares already almost double the full-day average of around 15.0 million shares. The stock has now fallen 31.1% since closing at a 6-year high of $ 14.93 a week ago. Hindenburg said his investigation of the company’s factories and customer locations found that most of Kandi’s sales to its Major customers in the past 12 months (LTM) have been made to related parties. The largest customer, accounting for 55% of LTM sales, shares a phone number with a subsidiary of Kandi and an executive with Kandi, said Hindenburg. The report also states that during a v Visiting the customer’s site, a sign was found indicating that it was a Kandi company. Kandi declined a request for comment from MarketWatch. Despite Monday’s sell-off, Kandi’s stock rose another 0.2% in November, while the iShares MSCI China ETF MCHI,
edged up 3.1% and the S&P 500 SPX,
gained 10.6%.
[ad_2]
Source link