KNDI - Short-seller Who Exposed Nikola Motor Takes Aim at Chinese Electric Vehicle Stock Kandi
A prominent short-selling firm has alleged that Chinese electric-vehicle maker Kandi Technologies (NASDAQ: KNDI) falsified revenue by recording transfers to affiliated companies as sales.
Hindenburg Research, the short-seller whose allegations against electric-truck start-up Nikola (NASDAQ: NKLA) led to the departure of Nikola's founder and a federal investigation, released a report on Monday alleging that a large percentage of Kandi's reported sales have actually been transfers to affiliated companies.
If true, that would mean that Kandi has reported revenue that it did not actually generate.
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Short-seller Who Exposed Nikola Motor Takes Aim at Chinese Electric Vehicle Stock Kandi