Xiao-I Corporation Class Action Lawsuit - AIXI

The filed complaint alleges that Xiao-I Corporation made materially false and/or misleading statements and/or failed to disclose 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.

In order to be eligible to join the AIXI class action lawsuit, you must have incurred a loss on shares of Xiao-I Corporation purchased during the class period listed above.

If you suffered a loss in Xiao-I Corporation during the relevant time frame or pursuant to the relevant offering(s), you have until December 16, 2024 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.