Kingold Jewelry, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired Kingold Jewelry, Inc. (“Kingold” or the “Company”) (NASDAQ: KGJI) securities during the period from March 15, 2018 through June 28, 2020. Investors have until August 31, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that: (i) Kingold used fake gold as collateral to fraudulently secure loans; and (ii) consequently, the Company would face creditor lawsuits and be delisted from the Shanghai Gold Exchange.
On June 29, 2020, Caixin Global published an article reporting that: (i) Kingold had used gold bars that were actually gilded copper as collateral in loans and, as a result, was now facing lawsuits, and (ii) Kingold had been delisted from the Shanhai Gold Exchange. On this news, shares of Kingold fell $0.27 per share, or 24.1%, to close at $0.85 on June 29, 2020.
If you acquired Kingold securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.