Traders Eye Kandi Technologies (KNDI) Following Negative Blog Post

Kandi Technologies (Nasdaq: KNDI) is active following a negative blog post on the company.

ShareSleuth notes that 40 related accounts on StockTwits.com and 100 accounts on Yahoo! Finance were promoting the company via positive commentary. The blog's investigation since last June ended with the following key points:

• Most, if not all, of the suspect StockTwits accounts that touted Kandi listed false names for the purported posters. Many of the profile shots used with the accounts were lifted from free photo sites, dating sites, news sites and other sources.
• A stock promoter with a criminal past has been one of the most prolific posters on the Kandi boards at StockTwits, Yahoo.com’s Finance site and InvestorsHub.com. The suspect accounts at StockTwits and Yahoo duplicated some of his posts.
• The coordinated posting ended abruptly in late August, just before Kandi announced it was selling $71 million in stock to undisclosed investors, at a 10 percent discount to the market price. The touting last year also preceded a share placement.
• After Sharesleuth tried to contact the posters via StockTwits, most of them quickly changed their account names, logos and other profile information.

Shares of Kandi Technologies are down 0.3 percent Tuesday.

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