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INVESTOR ALERT: Law Offices Of Howard G. Smith Announces The Filing Of A Securities Class Action On Behalf Of Kingold Jewelry, Inc. (KGJI) Investors

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Kingold Jewelry, Inc.

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Kingold Jewelry, Inc. ("Kingold" or "the Company") (KGJI) - Get Kingold Jewelry, Inc. Report securities between March 15, 2018 and June 28, 2020, inclusive (the "Class Period"). Kingold investors have until August 31, 2020to file a lead plaintiff motion.

Investors suffering losses on their Kingold investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

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.

On this news, Kingold's share price fell $0.27 per share, or more than 24%, to close at $0.85 per share on June 29, 2020, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Kingold used fake gold as collateral to fraudulently secure loans; (2) that consequently, the Company would face creditor lawsuits and be delisted from the Shanghai Gold Exchange; and (3) 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.

If you purchased Kingold securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200701005201/en/