Xiao-I Corporation Faces Class Action Lawsuit Over Alleged Misrepresentations and NASDAQ Non-Compliance

Lost Money on Xiao-I Corporation(AIXI)? Join Class Action Suit Seeking Recovery - Contact The Gross Law Firm - XIAO-I (NASDAQ:AIXI)

NEW YORK, Dec. 04, 2024 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of Xiao-I Corporation 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=114509&from=3 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=114509&from=3 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: [email protected] Phone: (646) 453-8903 Market News and Data brought to you by Benzinga APIs

Xiao-I Corp. Investors: Please contact the Portnoy Law Firm to recover your losses. December 16, 2024 Deadline to file Lead Plaintiff Motion. - XIAO-I (NASDAQ:AIXI)

Investors can contact the law firm at no cost to learn more about recovering their losses LOS ANGELES, Dec. 03, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Xiao-I Corp. ("Xiao-I" or the "Company") AIXI investors of a class action representing investors that bought securities between March 9, 2023, and July 12, 2024, inclusive (the "Class Period"). Xiao-I investors have until December 16, 2024 to file a lead plaintiff motion. Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: [email protected], to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors' options for pursuing claims to recover their losses. Case Details: The claim arises on July 15, 2024, when, during pre-market hours, Xiao-I issued a press release announcing that it had received a notification letter from the NASDAQ Listing Qualifications Department, dated July 11, 2024 (the "Deficiency Letter"), stating that the Company was no longer in compliance with NASDAQ's minimum bid price requirement. The Complaint asserts that the Offering Documents were negligently prepared, containing false statements of material fact or omitting necessary information to make the statements not misleading. It further alleges that the Offering Documents were not prepared in accordance with applicable rules and regulations. The Complaint also claims that throughout the Class Period, Defendants made materially false and misleading statements regarding Xiao-I's business, operations, and prospects. Specifically, the Complaint alleges that the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose the following: (1) Defendants minimized the true extent of risks Xiao-I faced due to certain Chinese shareholders' non-compliance with Circular 37 Registration, which impacted the Company's ability to use Offering proceeds for their intended purposes; (2) Xiao-I's financial statements were not prepared in compliance with GAAP; (3) Defendants exaggerated Xiao-I's efforts to correct material weaknesses in its financial controls; (4) Xiao-I had to incur significant R&D expenses to compete in the AI industry; (5) Xiao-I downplayed the significant negative impact these expenses would have on the Company's business and financial performance; (6) as a result, Xiao-I overstated its AI capabilities, R&D resources, and its overall ability to compete in the AI market; (7) due to these issues, there was a substantial risk that Xiao-I would fail to meet NASDAQ's Minimum Bid Price Requirement; and (8) consequently, the Offering Documents and Defendants' public statements throughout the Class Period were materially false and/or misleading, and omitted required information. Following the announcement, Xiao-I's ADS price dropped 2.28%, closing at approximately $0.67 per ADS on July 15, 2024. Please visit our website to review more information and submit your transaction information. The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm's founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes. Lesley F. Portnoy, Esq. Admitted CA and NY Bar [email protected] 310-692-8883 www.portnoylaw.com Attorney Advertising AIXIXIAO-I Corp$6.373.92%WatchlistOverviewMarket News and Data brought to you by Benzinga APIs