Investors Failed To Plead Scienter In Making Securities Law Claims, Judge Rules

Mealey's (October 2, 2019, 1:45 PM EDT) -- NEW YORK — A federal judge in New York on Sept. 30 ruled that lead plaintiffs in a securities class action lawsuit against a manufacturer of electronic vehicle (EV) products and parts and off-road vehicles, primarily in China, and several of its current and former chief executives has failed to sufficiently plead that any of the defendants acted with the requisite scienter in violation of federal securities law by misrepresenting the company’s financial condition based on its involvement in a Chinese government subsidy program (In re Kandi Technologies Group Inc. Securities Litigation, No. 17-1944, S.D. N.Y., 2019 U.S. Dist. LEXIS 169414)....