AIXI Deadline: AIXI Investors with Losses in Excess of $100K Have Opportunity to Lead Xiao-I Corporation Securities Lawsuit

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Xiao-I Corporation (NASDAQ: AIXI) American depository shares (ADSs) during the IPO and the specified class period of the upcoming lead plaintiff deadline on December 16, 2024 [1][2]. Group 1: Class Action Details - Investors who purchased Xiao-I ADSs during the IPO or the 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 must move the court to serve as lead plaintiff by December 16, 2024 [3]. - The Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions [4]. Group 2: Allegations Against Xiao-I - The lawsuit alleges that the Offering Documents contained false or misleading statements regarding Xiao-I's compliance with Circular 37 Registration, which affected its ability to use IPO proceeds for intended business purposes [5]. - It is claimed that Xiao-I did not comply with U.S. Generally Accepted Accounting Principles (GAAP) in its financial statements and overstated its efforts to address material weaknesses in financial controls [5]. - The lawsuit also states that Xiao-I incurred significant research and development expenses to compete in the AI industry, which were downplayed in public statements, leading to an overstatement of its capabilities and resources [5]. - As a result of these issues, there was a substantial likelihood that Xiao-I would fail to meet NASDAQ's listing requirements, including maintaining a minimum closing bid price of $1.00 per share [5].