Press release
Investigation announced for Investors in Xiao-I Corporation (NASDAQ: AIXI) over possible Violations of Securities Laws
An investigation for investors in Xiao-I Corporation (NASDAQ: AIXI) shares over potential securities laws violations.
Investors who purchased shares of Xiao-I Corporation (NASDAQ: AIXI), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Xiao-I Corporation (NASDAQ: AIXI) concerning whether a series of statements by Xiao-I Corporation regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
China based Xiao-I Corporation, through its subsidiary, Shanghai Xiao-i Robot Technology Co., Ltd., provides software services in the People's Republic of China. Xiao-I Corporation reported that its annual Total Revenue rose from $48.18 million in 2022 to $59.16 million in 2023, and that its Net Loss increased from $5.89 million in 2022 to $26.46 million in 2023.
On August 10, 2023, Xiao-I Corporation filed with the U.S. Securities and Exchange Commission its amended annual report on Form 10-K/A for the year ended December 31, 2022. In the amended annual report, Xiao-I disclosed that "should there be any changes to PRC laws and regulations or internal control policies of Bank of Ningbo in the future, [Zhizhen Artificial Technology (Shanghai) Company Limited, a Company subsidiary] then may be restricted from transferring funds from overseas to its capital account with Bank of Ningbo as a result."
Shares of Xiao-I Corporation (NASDAQ: AIXI) declined from $6.62 per share on June 02, 2023, to as low as $0.988 per share on May 15, 2024.
Those who purchased shares of Xiao-I Corporation (NASDAQ: AIXI) have certain options and should contact the Shareholders Foundation.
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 lawsuits, 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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