CANAAN SHAREHOLDER ALERT by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Reminds Investors With Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Canaan Inc. – CAN
NEW ORLEANS–(BUSINESS WIRE) – Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Louisiana Attorney General Charles C. Foti, Jr., remind investors they have up June 14, 2021 Filing lead plaintiffs in a class action lawsuit against Canaan Inc. (NasdaqGM: CAN) for purchasing the company’s American Depositary Receipts (“ADRs”) between February 10, 2021 and April 9, 2021 (including the “Class”) period “). This lawsuit is pending in the US District Court for the southern borough of New York.
What you can do
If you have purchased ADRs from Canaan and would like to discuss your statutory rights and the potential impact this case may have on you and your right to reimbursement of your economic loss, you can contact KSF’s managing partner, Lewis Kahn, free of charge, at no obligation or cost 1-877-515-1850 or email (firstname.lastname@example.org) or visit https://www.ksfcounsel.com/cases/nasdaqgm-can/ to learn more. To appear as the lead plaintiff in this class action lawsuit, you must file a motion with the court June 14, 2021.
About the lawsuit
Canaan and some of his executives are accused of failing to disclose material information during the classroom, in violation of federal securities laws.
On April 12, 2021, prior to commercialization, the company released dismal financial results for the fourth quarter of 20 and fiscal year 20 for the period ended December 31, 2020, including a 93% decrease in compute power sold and net revenue for the quarter versus the previous year. A. Sharply contrasts with the company’s earlier positive statements promoting its business metrics and financial prospects.
In that news, Kanaan’s ADRs fell nearly 30%, from a closing price of $ 18.67 per ADR on April 9, 2021 to a closing price of $ 13.14 on April 12, 2021 amid unusually high volumes.
The case is Denny v Canaan Inc., No. 21-cv-03299.
About Kahn Swick & Foti, LLC
KSF, partnered with former Louisiana Attorney General Charles C. Foti Jr., is one of the leading securities litigation law firms in the country. KSF assists a wide variety of clients – including public institutional investors, hedge funds, money managers and private investors – in their search for investment losses due to corporate fraud and misconduct by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you can visit www.ksfcounsel.com.