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Xiao-I Corporation

Securities Class Action

  • Date:
  • 12/16/2024
  • Company Name:
  • Xiao-I Corporation
  • Stock Symbol:
  • AIXI
  • Class Period:
  • FROM 3/9/2023 TO 7/12/2024
  • Status:
  • Filed
  • Filing Date:
  • 10/15/2024
  • Court:
  • U.S. District Court: Southern District of New York

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Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Xiao-I Corporation (“Xiao-I” or the “Company”) (NASDAQ: AIXI) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired Xiao-I (i) American depository shares ("ADSs") pursuant and/or traceable to the Offering Documents issued in connection with the Company's initial public offering conducted on or about March 9, 2023 (the "IPO" or "Offering"); and/or (ii) securities between March 9, 2023 and July 12, 2024, both dates inclusive (the “Class Period”). Investors have until December 16, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

 The lawsuit alleges that Xiao-I’s Offering Documents were negligently prepared and that Defendants’ statements throughout the Class Period were materially false and misleading and/or omitted material information about the Company’s business, operations, and prospects, including allegations 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 Circular 37 Registration, including the Company’s inability to use Offering proceeds for intended business purposes; (ii) Xiao-I failed to comply with GAAP in preparing its financial statements; (iii) Defendants 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 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; and (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.
 
If you purchased or otherwise acquired Xiao-I shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out the form below.  There is no cost or obligation to you.
The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in Xiao-I Corporation. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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