Core Viewpoint - Rosen Law Firm has filed a class action lawsuit on behalf of purchasers of Xiao-I Corporation's American depository shares (ADSs) related to its initial public offering (IPO) and subsequent securities purchases, alleging misleading statements and non-disclosure of significant risks [1][4]. Group 1: Lawsuit Details - The class action lawsuit pertains to ADSs purchased during the IPO on March 9, 2023, and securities bought between March 9, 2023, and July 12, 2024 [1]. - Investors may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [1]. - The lawsuit claims that Xiao-I downplayed risks related to compliance issues with Chinese regulations, specifically Circular 37 Registration, affecting its ability to utilize IPO proceeds [4]. Group 2: Allegations Against Xiao-I - Allegations include failure to comply with U.S. Generally Accepted Accounting Principles (GAAP) in financial statements and overstating efforts to address material weaknesses in financial controls [4]. - The company reportedly incurred significant research and development (R&D) expenses to compete in the AI industry, which were downplayed in public statements [4]. - The lawsuit asserts that these misrepresentations led to a substantial likelihood of failing to meet NASDAQ's listing requirements, including maintaining a minimum closing bid price of $1.00 per share [4]. Group 3: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest settlement against a Chinese company and being ranked highly for securities class action settlements [3]. - The firm has recovered hundreds of millions of dollars for investors, with over $438 million secured in 2019 alone [3].

 NEW YORK, Oct. 20, 2024 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Xiao-I Corp. ("Xiao-I" or "the Company") (NASDAQ: AIXI) and certain of its officers.Class DefinitionThis lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Xiao-I securities bet ...

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Xiao-I Corporation due to alleged violations of federal securities laws, with a deadline for investors to seek lead plaintiff status in a class action by December 16, 2024 [2][3]. Group 1: Legal Investigation and Claims - The firm is encouraging investors who suffered losses exceeding $50,000 in Xiao-I to discuss their legal options [1]. - The complaint alleges that Xiao-I and its executives made false or misleading statements regarding the company's financial health and compliance with regulations [3]. - Specific allegations include downplaying risks related to Chinese shareholders' non-compliance, failure to adhere to GAAP, and overstating AI capabilities and R&D resources [3]. Group 2: Financial Performance and Stock Price Impact - Xiao-I launched its IPO on March 8, 2023, selling 5.7 million ADSs at $6.80 each, but the stock price has since dropped significantly, leading to investor losses [4]. - Following the disclosure of potential regulatory issues in an amended annual report, the ADS price fell by 11.56% to $7.11 on August 11, 2023 [4]. - On July 15, 2024, Xiao-I received a notification from NASDAQ regarding non-compliance with the minimum bid price requirement, causing the ADS price to drop to approximately $0.67 [5]. Group 3: Class Action Participation - The lead plaintiff in the class action will be the investor with the largest financial interest who is also typical of class members [6]. - Any member of the putative class can move to serve as lead plaintiff or remain an absent class member without affecting their ability to share in any recovery [6]. - The firm is also seeking information from whistleblowers, former employees, and shareholders regarding Xiao-I's conduct [6].

NEW YORK, Oct. 18, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, announces that it has filed a class action on behalf of purchasers of Xiao-I Corporation (NASDAQ: AIXI): (i) American depository shares (“ADSs”) pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering conducted on or about March 9, 2023 (the “IPO” or “Offering”); and/or (ii) securities between March 9, 2023 and July 12, 2024 (the “Class Period”). A ...

NEW YORK, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Xiao-I Corporation (“Xiao-I” or the “Company”) (NASDAQ: AIXI) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired Xiao-I (i) American depository shares ("ADSs") pursuant and/or traceable to the Offering Documents issued in connec ...

NEW YORK, Oct. 17, 2024 /PRNewswire/ --Why: Rosen Law Firm, a global investor rights law firm, announces that it has filed a class action on behalf of purchasers of Xiao-I Corporation (NASDAQ: AIXI): (i) American depository shares ("ADSs") pursuant and/or traceable to the Offering Documents issued in connection with the Company's initial public offering conducted on or about March 9, 2023 (the "IPO" or "Offering"); and/or (ii) securities between March 9, 2023 and July 12, 2024 (the "Class Period"). A class ...

NEW YORK, Oct. 17, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Xiao-I Corporation ("Xiao-I" or the "Company") (NASDAQ: AIXI) and certain officers and directors. The class action, filed in the United States District Court for the Southern District of New York, and docketed under 24-cv-07837, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired: (a) Xiao-I American depository shares ("ADSs" ...

SAN DIEGO, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Robbins LLP announces that a shareholder filed a class action on behalf of all investors and entities that purchased or otherwise acquired Xiao-I Corporation (NASDAQ: AIXI) ADSs pursuant and/or traceable to the Company's initial public offering ("IPO") on March 9, 2023, or between March 9, 2023 and July 12, 2024. Xiao-I conducts business through its subsidiary Shanghai Xiao-I Robot Technology Co., Ltd. (“Shanghai Xiao-i”), which comprises the Company’s AI busines ...

ATLANTA, Oct. 16, 2024 (GLOBE NEWSWIRE) --  A shareholder class action lawsuit has been filed against Xiao-I Corporation (“Xiao-I” or “the Company”) (NASDAQ: AIXI). The lawsuit alleges that Xiao-I’s Offering Documents were negligently prepared and that Defendants’ statements throughout the Class Period were materially false and misleading and/or omitted material information about the Company’s business, operations, and prospects, including allegations that: (i) Defendants had downplayed the true scope and s ...

Core Insights - Xiao-I Corporation has renewed its contract with Inner Mongolia Yili Industrial Group, marking a significant transition to a subscription-based model for its AI-driven customer service platform [1][3] - This shift to a subscription model, referred to as Model as a Service (MaaS), is expected to enhance operational efficiency and customer retention for both companies [1][2] - The partnership has been ongoing since 2021, with Xiao-I providing advanced AI solutions tailored for the fast-moving consumer goods (FMCG) sector, particularly benefiting Yili's diverse product lines [2][3] Company Overview - Xiao-I Corporation is a leading cognitive intelligence enterprise in China, specializing in a wide range of AI solutions including natural language processing, voice and image recognition, and machine learning [4] - The company has developed a robust portfolio of cognitive intelligence technologies since its establishment in 2001, aimed at promoting industrial digitization and intelligent transformation [4]