Xiao-I Corp. Investors: Please contact the Portnoy Law Firm to recover your losses. December 16, 2024 Deadline to file Lead Plaintiff Motion.

Core Viewpoint - Xiao-I Corp. is facing a class action lawsuit due to alleged misleading statements and non-compliance with NASDAQ's minimum bid price requirement, impacting investor confidence and stock performance [3][4]. Group 1: Class Action Details - The class action represents investors who purchased securities between March 9, 2023, and July 12, 2024, with a deadline of December 16, 2024, to file a lead plaintiff motion [1]. - The lawsuit was triggered by a notification from NASDAQ on July 11, 2024, indicating that Xiao-I was not in compliance with listing requirements [3]. Group 2: Allegations Against Xiao-I - The complaint alleges that the Offering Documents contained false statements and omitted necessary information, failing to comply with applicable regulations [4]. - Specific claims include the minimization of risks related to certain Chinese shareholders' non-compliance, non-GAAP compliant financial statements, and exaggerated efforts to address financial control weaknesses [4]. - The lawsuit also highlights significant R&D expenses incurred by Xiao-I to compete in the AI industry, which were downplayed in public statements, leading to an overstatement of the company's capabilities [4]. Group 3: Market Impact - Following the announcement of the NASDAQ notification, Xiao-I's American Depositary Shares (ADS) price fell by 2.28%, closing at approximately $0.67 per ADS on July 15, 2024 [4].