Bragar Eagel & Squire, P.C. Announces Class Action Lawsuit Against Xiao-I Corporation

Overview

In a recent announcement, Bragar Eagel & Squire, P.C., a prominent stockholder rights law firm, disclosed that a class action lawsuit has been filed against Xiao-I Corporation (“Xiao-I” or the “Company”) (NASDAQ: AIXI). The lawsuit was filed in the United States District Court for the Southern District of New York on behalf of individuals and entities who purchased or acquired Xiao-I American depository shares (“ADSs”) during specific periods.

Details of the Lawsuit

The lawsuit covers two distinct periods:

• Purchases made pursuant and/or traceable to the Offering Documents issued during Xiao-I’s initial public offering conducted on or about March 9, 2023.
• Acquisitions of securities between March 9, 2023, and July 12, 2024 (the “Class Period”).

Interested investors have until December 16, 2024, to seek appointment as lead plaintiff in the case.

Impact of the Lawsuit

This legal action against Xiao-I Corporation highlights potential issues surrounding the Company’s IPO and subsequent securities transactions. Investors involved in the mentioned periods may have grounds to participate in the lawsuit if they suffered financial harm due to alleged misrepresentations or misconduct by Xiao-I.

Effect on Individuals

For individuals who bought Xiao-I ADSs during the specified periods, this class action lawsuit offers a potential avenue to seek recourse for any losses incurred. By engaging with legal proceedings as part of the plaintiff class, affected investors may have the opportunity to recover damages if the case rules in their favor.

Global Ramifications

The outcome of this class action lawsuit against Xiao-I Corporation could have wider implications beyond individual investors. Should the allegations of wrongdoing or misinformation be substantiated in court, it may impact investor confidence in similar offerings and securities trading practices globally.

Conclusion

As the class action lawsuit unfolds against Xiao-I Corporation, the financial community awaits the resolution of allegations related to the Company’s IPO and subsequent securities transactions. By providing a platform for affected investors to seek redress, this legal action underscores the importance of transparency and accountability in the financial markets.