#United States #New York #Class Action #Xiao-I Corporation #AIXI

Overview of the Class Action Lawsuit

The Gross Law Firm has issued an important notification to the shareholders of Xiao-I Corporation (NASDAQ: AIXI), highlighting a critical deadline for potential lead plaintiffs set for December 16, 2024. This announcement comes in response to a class action lawsuit that targets the firm and its practices, urging all affected parties to consider their legal options.

Understanding the Allegations

This legal action involves serious allegations against Xiao-I Corporation, which include claims that the company made materially false or misleading statements. Here’s a breakdown of the key concerns raised in the allegations:
1. Undisclosed Risks: It is alleged that Xiao-I downplayed significant risks associated with certain non-compliance issues tied to its Chinese shareholders regarding foreign investment regulations.
2. Financial Reporting Failures: The company purportedly failed to adhere to Generally Accepted Accounting Principles (GAAP), thus misrepresenting its financial health to investors.
3. Misstatements on Financial Controls: Allegations suggest the company overstated its progress in addressing major weaknesses within its financial controls.
4. Competitiveness in AI Sector: The corporation allegedly exaggerated its resources and capabilities in the competitive AI market, failing to disclose the substantial research and development (R&D) expenses it has incurred to maintain its market position.
5. Stock Price Compliance Issues: There are concerns that Xiao-I may not meet the NASDAQ Minimum Bid Price Requirement due to these misrepresentations.

Important Deadlines and Steps for Shareholders

For shareholders who acquired shares during the specified class period—March 9, 2023, to July 12, 2024—they are encouraged to contact The Gross Law Firm to discuss potential appointment as lead plaintiff. Participating as a lead plaintiff is not a requirement for obtaining any recovery but could be a vital step for those looking to actively engage in the lawsuit process.

• - Registration Deadline: Shareholders must register by December 16, 2024, through the provided link by the law firm.
• - Portfolio Monitoring: Once registered, shareholders will have the benefit of a monitoring system which provides case updates, ensuring they remain informed throughout the litigation process. There are no fees associated with participation in this case.

Why Choose The Gross Law Firm?

The Gross Law Firm is recognized nationally for its commitment to safeguarding the rights of investors who have faced losses due to fraudulent activities or unethical business practices. With a focus on ensuring companies practice good governance and uphold their responsibilities, the firm offers proactive service to investors seeking reparations for financial damages.

Conclusion

As the deadline approaches, it is critical for Xiao-I Corporation shareholders to consider their options carefully and act swiftly to protect their interests. The Gross Law Firm remains steadfast in its commitment to serve investors, empowering them to seek justice regarding their investments. Should you wish to participate, or gather more information, don't hesitate to reach out to their office directly for guidance.