Shareholder alert: class action lawsuit filed on behalf of xiao-i corporation (aixi) investors – holzer & holzer, llc encourages investors with significant losses to contact the firm

Atlanta, oct. 16, 2024 (globe newswire) --  a shareholder class action lawsuit has been filed against xiao-i corporation (“xiao-i” or “the company”) (nasdaq: aixi). 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.
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