NEW YORK, Oct. 25, 2024 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP (“Wolf Haldenstein”) announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of those who acquired Xiao-I Corporation (“Xiao-I” or the “Company”) (NASDAQ: AIXI)
- American depository shares (“ADSs”) issued in connection with the Company’s initial public offering conducted on or about March 9, 2023 (the “IPO” or “Offering”); and/or
- securities between March 9, 2023, and July 12, 2024, inclusive (the “Class Period”).
CLICK HERE TO PROVIDE CONTACT INFORMATION AND JOIN THE CASE
All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses, you may, no later than December 16, 2024, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
On or about March 9, 2023, Xiao-I conducted its Initial Public Offering (“IPO”), issuing 5.7 million ADSs to the public at $6.80 per ADS, raising proceeds of $38.76 million.
On September 25, 2023, Xiao-I issued a press release announcing a net loss of $18.8 million for the first half of 2023 and revealing that its “[t]otal operating expenses” increased 355% year over year, and R&D expenses “grew by 708% year over year.”
On this news, Xiao-I’s ADS price fell $2.70, or 14.22%, to close at $16.29 per ADS on September 25, 2023.
Then, on April 30, 2024, Xiao-I revealed Fiscal Year 2023 revenues of $59.2 million as well as a net loss of $27 million, noting “[R&D] expenses . . . grew by 118.3% year over year.”
On this news, Xiao-I’s ADS price fell $0.72, or 6.15%, to close at $10.98 per ADS on April 30, 2024.
Finally, on July 15, 2024, Xiao-I announced it “received a notification letter dated July 11, 2024 (the ‘Deficiency Letter’) from the Listing Qualifications Department of [t]he [NASDAQ], indicating that the Company is no longer in compliance with the minimum bid price requirement[.]”
On this news, Xiao-I’s ADS price fell $0.13, or 2.28%, to close at $5.99 per ADS on July 15, 2024.
Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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