Xiao-I (US:AIXI) Prnewswireยท2024-11-21 17:55Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Xiao-I Corporation due to alleged violations of federal securities laws, encouraging affected investors to come forward [2][4]. Group 1: Company Overview - Xiao-I Corporation, listed on NASDAQ under the ticker AIXI, launched its initial public offering (IPO) on March 8, 2023, selling 5.7 million American depositary shares (ADSs) at $6.80 each [5]. - The company's ADS price has significantly dropped since the IPO, leading to substantial losses for investors [5]. Group 2: Allegations and Legal Actions - The complaint against Xiao-I alleges that the company and its executives made false or misleading statements regarding various operational and financial aspects, including risks related to Chinese shareholders' non-compliance and financial reporting standards [4]. - Specific allegations include overstating AI capabilities, R&D resources, and the company's ability to compete in the AI market, as well as failing to comply with GAAP in financial statements [4]. - Xiao-I received a notification from NASDAQ on July 11, 2024, indicating non-compliance with the minimum bid price requirement, as the closing bid price per ADS had been below $1.00 for 30 consecutive business days [7]. Group 3: Investor Information - Investors who suffered losses exceeding $50,000 due to their investment in Xiao-I are encouraged to contact Faruqi & Faruqi for discussions regarding their legal rights [1]. - The deadline for investors to seek the role of lead plaintiff in the federal securities class action against Xiao-I is December 16, 2024 [2].