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Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Kingold Jewelry, Inc. (KGJI)

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Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming August 31, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Kingold Jewelry, Inc. ("Kingold" or "the Company") (NASDAQ: KGJI) securities between March 15, 2018 and June 28, 2020, inclusive (the "Class Period").

If you suffered a loss on your Kingold investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/kingold-jewelry-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

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.

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If you purchased or otherwise acquired Kingold securities during the Class Period, you may move the Court no later than August 31, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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

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