Xiao-I Corporation Class Action: Levi & Korsinsky Reminds Xiao-I Corporation Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of December 16, 2024 - AIXI

NEW YORK, NY / ACCESSWIRE / November 10, 2024 / If you suffered a loss on your Xiao-I Corporation (NASDAQ:AIXI) investment and want to learn about a potential recovery under the federal securities laws, follow the link below for more information:

https://zlk.com/pslra-1/xiao-i-corporation-lawsuit-submission-form?prid=111351&wire=1

or contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or call (212) 363-7500 to speak to our team of experienced shareholder advocates.

THE LAWSUIT:A class action securities lawsuit was filed against Xiao-I Corporation that seeks to recover losses of shareholders who were adversely affected by alleged securities fraud between March 9, 2023 and July 12, 2024.

CASE DETAILS:The filed complaint alleges that defendants made false statements and/or concealed that: (i) defendants had downplayed the true scope and severity of risks that Xiao-I faced due to certain of its Chinese shareholders ' non-compliance with foreign investment enterprises established by way of round-tripping, including the Company 's inability to use offering proceeds for intended business purposes; (ii) Xiao-I had failed to comply with Generally Accepted Accounting Principles in preparing its financial statements; (iii) defendants had overstated Xiao-I 's efforts to remediate material weaknesses in the Company 's financial controls; (iv) Xiao-I was forced to incur significant R&D expenses to effectively compete in the AI industry; (v) Xiao-I had downplayed the significant negative impact that such expenses would have on the Company 's business and financial results; (vi) accordingly, Xiao-I overstated its AI capabilities, R&D resources, and overall ability to compete in the AI market; (vii) as a result of all the foregoing, there was a substantial likelihood that Xiao-I would fail to comply with the NASDAQ 's Minimum Bid Price Requirement; and (viii) as a result, the offering documents and defendants ' public statements throughout the class period were materially false and/or misleading and failed to state information required to be stated therein.

WHAT 'S NEXT?If you suffered a loss in Xiao-I Corporation stock during the relevant time frame - even if you still hold your shares - go to https://zlk.com/pslra-1/xiao-i-corporation-lawsuit-submission-form?prid=111351&wire=1 to learn about your rights to seek a recovery. There is no cost or obligation to participate.

WHY LEVI & KORSINSKY:Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services ' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
https://zlk.com/

SOURCE:Levi & Korsinsky, LLP

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