XIAO-I ALERT: Investor Reminder from Bragar Eagel & Squire, P.C.
Bragar Eagel & Squire, P.C., a well-known law firm specializing in stockholder rights, has announced that a class action lawsuit has been filed against Xiao-I Corporation (“Xiao-I” or the “Company”) (NASDAQ: AIXI). The lawsuit, filed in the United States District Court for the Southern District of New York, represents all individuals and entities who bought or acquired Xiao-I American depository shares (“ADSs”) through the Company’s initial public offering on or about March 9, 2023, as well as those who traded securities of Xiao-I between March 9, 2023, and July 12, 2024.
Investors who believe they may have suffered losses in connection with Xiao-I are encouraged to apply to the Court to be appointed as lead plaintiff in the lawsuit by December 16, 2024. The lawsuit alleges that Xiao-I’s Offering Documents were negligently prepared and that statements made by the Company’s representatives during the Class Period were misleading or omitted crucial information about Xiao-I’s business, operations, and prospects.
Specifically, the lawsuit claims that Xiao-I failed to disclose the true extent of risks it faced due to non-compliance by some Chinese shareholders, including issues related to the use of Offering proceeds for business purposes. Additionally, allegations suggest that Xiao-I did not adhere to GAAP standards in preparing financial statements and overstated its efforts to address financial controls weaknesses. The Company was also reported to have incurred substantial expenses for research and development in the AI industry, which could potentially impact its financial results.
If you have purchased Xiao-I shares and experienced losses, hold a long-term investment, have pertinent information, or simply want to know more about the claims against Xiao-I, you can contact Brandon Walker or Marion Passmore via email at investigations@bespc.com or by phone at (212) 355-4648. You can also reach out by filling out a contact form. It’s important to note that there is no cost or obligation to you to participate in this process.
Bragar Eagel & Squire, P.C. is a reputable law firm with a national presence, representing both individual and institutional investors in various litigation matters, including commercial, securities, derivative, and other complex cases. If you’re interested in learning more about the firm, you can visit their website at www.bespc.com. Remember, past results do not ensure similar outcomes in legal matters. If you have any questions or concerns about this lawsuit, don’t hesitate to get in touch with the legal team at Bragar Eagel & Squire, P.C.
