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In 2014, Kandi Technologies Group publicly announced the existence of material weaknesses in its financial reporting and oversight system, including a lack of oversight by the audit committee and lack of internal controls for related-party transactions. The company pledged to remediate these issues. However, in March 2017, the company disclosed that the prior three years of financial statements needed to be restated, and disclosed that it lacked sufficient expertise relating to GAAP requirements and SEC disclosure regulations and sufficient expertise to ensure the accurate accounting of taxes, as well as the completeness of the disclosure of financial statements. Stockholders initiated federal securities litigation, and the federal district court granted a motion to dismiss.

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