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Kingold Jewelry, Inc.

Company NameKingold Jewelry, Inc.
Stock SymbolKGJI
Class PeriodMarch 15, 2018 to June 28, 2020
Lead Plaintiff Motion DeadlineAugust 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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