TOP Financial (TOP) GlobeNewswire News Room·2024-10-31 20:07Core Viewpoint - Rosen Law Firm is reminding investors who purchased Xiao-I Corporation (NASDAQ: AIXI) American depository shares (ADSs) during the IPO on March 9, 2023, and securities between March 9, 2023, and July 12, 2024, about the upcoming lead plaintiff deadline of December 16, 2024, for a class action lawsuit [1][2]. Group 1: Class Action Details - Investors who purchased Xiao-I ADSs during the IPO or within the specified Class Period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties can join by submitting a form or contacting the law firm [3][6]. - The lead plaintiff must file a motion with the Court by December 16, 2024, to represent other class members in the litigation [3]. Group 2: Legal Representation - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a proven track record in securities class actions, highlighting its own success in this area [4]. - The firm has achieved significant settlements for investors, including the largest securities class action settlement against a Chinese company and over $438 million secured for investors in 2019 [4]. Group 3: Case Allegations - The lawsuit alleges that Xiao-I Corporation made false and misleading statements regarding its financial health and compliance with regulations, including downplaying risks related to its Chinese shareholders and failing to adhere to U.S. GAAP [5]. - Specific claims include overstating AI capabilities, R&D resources, and the potential for compliance with NASDAQ listing requirements, which may have led to investor damages when the true information became public [5].