Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Canaan Inc.
NEW YORK, April 16, 2021 (GLOBE NEWSWIRE) – Bernstein Liebhard, a nationally recognized investor rights law firm, announces that a class action lawsuit has been filed on behalf of investors who have bought or acquired the securities of Canaan Inc. “Canaan” or the “Company” (NASDAQ: CAN) from February 10, 2021 to April 9, 2021 (the “Class Period”). The lawsuit filed in the U.S. District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.
If you Purchased Canaan securities and / or wish to discuss your statutory rights and options Please visit the Canaan class action lawsuit or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com
The complaint alleges that throughout the class period, defendants made materially false and / or misleading statements and did not communicate anything to investors: (1) Canaan experienced 20 significant sustained supply chain disruptions in the fourth quarter; (ii) that Canaan’s introduction of the next generation A12 series bitcoin mining machines could cannibalize sales of the older product offerings in Q4 20; (iii) as a result of the foregoing, Canaan’s sales and revenue declined dramatically in the fourth quarter of 20; and (iv) that as a result of the foregoing, Canaan was not on track to achieve the strong financial prospects that the market had believed in.
On Monday, April 12, 2021, prior to the opening of trading, Canaan released a press release disclosing actual financial results for the 4th Quarter 20 and Fiscal Year 20 for the period ended December 31, 2020. In the news, the market price of ADRs in Canaan plummeted from their closing price of $ 18.67 per ADR on April 9, 2021 to $ 13.14 per ADR on April 12, 2021, a drop of nearly 30% amid unusually high trading volumes of approximately 60 million ADRs or more than three times the average daily volume over the previous ten trading days.
If you want to serve as the lead plaintiff, you must transfer the court by June 14, 2021 at the latest. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you don’t take action, you may remain an absent class member.
If you bought Canaan Securities and / or would like to discuss your statutory rights and options Please visit https://www.bernlieb.com/cases/canaaninc-can-shareholder-class-action-lawsuit-stock-fraud-391/apply/ or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com
Since 1993, Bernstein Liebhard LLP has collected more than $ 3.5 billion for its clients. In addition to representing individual investors, the firm has been hired by some of the country’s largest public and private pension funds to oversee their assets and litigate on their behalf. Because of its litigation success with hundreds of lawsuits and class actions, the firm has been featured on the National Law Journal’s “Hot List” thirteen times and on The Legal 500 for ten consecutive years.
LAWYER. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The attorney responsible for this Connecticut state complaint is Michael S. Bigin. Past results do not guarantee or forecast a similar result with respect to future matters.
Matthew E. Guarnero
Bernstein Liebhard LLP