NEW
YORK, Nov. 22, 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=112969&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=112969&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