Kingold Jewelry, Inc.
| Company Name | Kingold Jewelry, Inc. |
| Stock Symbol | KGJI |
| Class Period | March 15, 2018 to June 28, 2020 |
| Lead Plaintiff Motion Deadline | August 31, 2020 |
On June 29, 2020, multiple news outlets reported that Kingold may have used counterfeit gold as collateral to secure loans from more than a dozen Chinese financial institutions.
On this news, Kingold’s share price fell $0.27 per share, or more than 24%, to close at $0.85 per share on June 29, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Kingold used fake gold as collateral to fraudulently secure loans; (2) that consequently, the Company would face creditor lawsuits and be delisted from the Shanghai Gold Exchange; and (3) 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.
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