GlobeNewswire Inc | Aug 11, 2020 04:00PM EDT

August 11, 2020

NEW YORK, Aug. 11, 2020 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all investors who purchased or otherwise acquired common stock of Kingold Jewelry, Inc. ("Kingold" or "the Company") (NASDAQ: KGJI) between March 15, 2018 and June 28, 2020, both dates inclusive (the Class Period).

All investors who purchased sharesand incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses in the shares of Kingold Jewelry, Inc.,youmay,no later than August 31, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Kingold Jewelry, Inc.

CLICK HERE TO JOIN CASE

The filed Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that:

-- Kingold used fake gold as collateral to fraudulently secure loans; -- consequently, the Company would face creditor lawsuits and be delisted from the Shanghai Gold Exchange; and -- 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, multiple news outlets reported that Kingold may have used counterfeit gold as collateral to secure loans from more than a dozen Chinese financial institutions, reporting that at least some of 83 tons of gold bars used as collateral turned out to be nothing but gilded copper.

On this news, Kingold's stock price fell $0.27 per share, or 24.11%, to close at $0.85 per share on June 29, 2020.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq.Gregory Stone, Director of Case and Financial AnalysisEmail: gstone@whafh.com, kcooper@whafh.comor classmember@whafh.comTel: (800) 575-0735 or (212) 545-4774

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