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Lawsuit filed for Investors in shares of Kingold Jewelry, Inc. (NASDAQ: KGJI)

07-16-2020 10:13 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Kingold Jewelry, Inc. (NASDAQ: KGJI) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Kingold Jewelry, Inc. (NASDAQ: KGJI) shares over alleged securities laws violations.

An investor, who purchased shares of Kingold Jewelry, Inc. (NASDAQ: KGJI), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Kingold Jewelry, Inc..

Investors who purchased shares of Kingold Jewelry, Inc. (NASDAQ: KGJI) have certain options and for certain investors are short and strict deadlines running. Deadline: August 31, 2020. NASDAQ: KGJI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

China based Kingold Jewelry, Inc. designs, manufactures, and sells 24-karat gold jewelry and Chinese ornaments in the People's Republic of China.

In March 2018, Kingold Jewelry, Inc filed its 2017 annual report on form 10-K in which the Company stated it "allocated significant portion of its inventories as investment in gold and pledged as collateral to secure loans from banks and financial institutions." Kingold Jewelry, Inc also attested to its accuracy of financial reporting and disclosure of all fraud. Kingold Jewelry, Inc then reaffirmed these statements in its 2018 10-K.

On June 29, 2020, multiple news outlets reported that Kingold Jewelry, Inc may have used counterfeit gold as collateral to secure loans from more than a dozen Chinese financial institutions, reporting that at least some of 83 tons of gold bars used as collateral turned out to be nothing but gilded copper.

Shares of Kingold Jewelry, Inc. (NASDAQ: KGJI) declined from $3.11 per share in October 2019 to as low as 0.43 per share on July 2, 2020.

The plaintiff claims that between March 15, 2018 and June 28, 2020the defendants made false and/or misleading statements and/or failed to disclose that Kingold Jewelry, Inc. used fake gold as collateral to fraudulently secure loans, that consequently, the Company would face creditor lawsuits and be delisted from the Shanghai Gold Exchange, and that as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Those who purchased shares of Kingold Jewelry, Inc. (NASDAQ: KGJI) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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