Xiao-I (US:AIXI) GlobeNewswire News Room·2024-12-05 02:19Core Viewpoint - Rosen Law Firm is reminding investors who purchased Xiao-I Corporation's American depository shares (ADSs) during the IPO and the subsequent class period of the upcoming lead plaintiff deadline for a class action lawsuit [1][2]. Group 1: Class Action Details - Investors who purchased Xiao-I ADSs during the IPO or between March 9, 2023, and July 12, 2024, 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 must move the Court to serve as lead plaintiff by December 16, 2024 [3]. Group 2: Legal Representation - Investors are encouraged to select qualified legal counsel with a proven track record in securities class actions, as many firms may lack the necessary experience and resources [4]. - The Rosen Law Firm has a history of successful settlements in securities class actions, including the largest settlement against a Chinese company at the time [4]. Group 3: Case Allegations - The lawsuit alleges that Xiao-I Corporation made false or misleading statements regarding its financial health and compliance with regulations, including the failure to disclose risks related to its Chinese shareholders' non-compliance with Circular 37 Registration [5]. - Specific allegations include overstating AI capabilities, R&D resources, and the potential to meet NASDAQ's listing requirements, which may have led to investor damages when the true information became public [5].