LOS ANGELES, July 10, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Kingold Jewelry, Inc. ("Kingold" or the "Company") (NASDAQ: KGJI) investors that acquired securities between March 15, 2018, and June 28, 2020. 

Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.

The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts about the Company's business, operations, and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Kingold used fake gold as collateral to fraudulently secure loans; (ii) consequently, the Company would face creditor lawsuits and be delisted from the Shanghai Gold Exchange; and (iii) as a result, Defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On June 29, 2020, before the market opened, Caixin Global published an article entitled "Cover Story: The Mystery of $2 Billion of Loans Backed by Fake Gold." The article stated, among other things, that Kingold had used gold bars that were actually gilded copper as collateral in loans and was now facing lawsuits as a result, and that Kingold had been delisted from the Shanghai Gold Exchange.

On this news, shares of Kingold stock fell $0.27 per share, or over 24%, to close at $0.85 per share on June 29, 2020.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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