#United States #New York #The Gross Law Firm #Xiao-I Corporation #AIXI

Class Action Filed Against Xiao-I Corporation

On December 9, 2024, The Gross Law Firm announced an important notice for investors in Xiao-I Corporation, officially trading under the ticker symbol AIXI on NASDAQ. Shareholders who were involved during a specific class period should consider taking action before the looming deadline of December 16, 2024, to join a class action lawsuit directed at the company.

Overview of the Allegations

The allegations center around claims that Xiao-I Corporation misrepresented critical information about its operations and financial status. The class period defined for this lawsuit spans from March 9, 2023, to July 12, 2024. During this time, it is asserted that the company significantly downplayed various risks associated with its operations, particularly relating to compliance issues with its foreign investment practices.

Specifically, the complaint notes that the defendants failed to disclose pertinent information about Xiao-I’s non-compliance with Generally Accepted Accounting Principles (GAAP), which raises concerns over the reliability of its financial statements. Furthermore, it is alleged that the company exaggerated its capabilities in the competitive AI industry while failing to acknowledge the considerable research and development (R&D) expenses that could adversely impact its financial outlook.

The consequences of these actions allegedly led to a situation where Xiao-I was unable to meet NASDAQ's Minimum Bid Price Requirement, severely impacting its stock value and investor confidence.

Next Steps for Shareholders

Shareholders who acquired AIXI shares during the specified class period are highly encouraged to engage with The Gross Law Firm. By registering, not only can investors express their interest in becoming lead plaintiffs, but they will also have access to ongoing portfolio monitoring for updates on the case's developments.

Engagement in this class action does not obligate participants to take any additional financial steps, and the firm aims to ensure that shareholders are kept informed throughout the legal process. The absence of a cost barrier to participation means that more investors can seek justice without financial strain, reinforcing the law firm’s mission to protect the rights of investors.

Why Choose The Gross Law Firm?

The Gross Law Firm prides itself on its reputation for protecting investors' rights in situations of fraud or illegal business practices. With a commitment to accountability and corporate responsibility, the firm aims to hold companies accountable for misleading stakeholders. Investors interested in joining the class action should navigate to the provided link for registration, ensuring their voices can be heard in this significant legal undertaking.

For those affected, this is a pivotal time to act. Failure to register by the deadline could result in losing the opportunity to reclaim any losses incurred due to Xiao-I Corporation's alleged misrepresentations. The firm is ready to assist shareholders in navigating this process.

For detailed information, shareholders may visit The Gross Law Firm's website and ensure they are informed about their rights and options moving forward. Remember, each step taken now can influence the overall outcome of the case and possibly recover investor losses arising from Xiao-I's alleged actions.

Important Dates

• - Class Period: March 9, 2023 to July 12, 2024
• - Registration Deadline: December 16, 2024

Investors should act decisively to ensure their participation in this significant class action, which aims to address grievances many shareholders face following disappointing revelations regarding Xiao-I Corporation's statements and performance.