Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Ebang International Holdings, Inc. (EBON)
THE ANGEL, May 27, 2021 / PRNewswire / – Glancy Prongay & Murray LLP (“GPM”) reminds investors of the impending development June 7th, 2021 deadline for filing a motion by a lead plaintiff in the class action lawsuit filed on behalf of investors who interim or otherwise purchased the securities of Ebang International Holdings, Inc. (“Ebang” or the “Company”) (NASDAQ: EBON) have acquired June 26, 2020 and April 5, 2021including (the “Class Period”).
If you have suffered a loss on your Ebang investments or would like to inquire about whether you may be able to make claims to recover your loss under federal securities laws, you can use your contact information at https://www.glancylaw.com/cases / ebang-international submit -holdings-inc /. You can also contact Charles H. Linehan, from GPM at 310-201-9150, toll-free at 888-773-9224, or by email at [email protected] to learn more about your rights.
On April 6, 2021Before the market opened, Hindenburg Research published a report claiming, among other things, that Ebang put the proceeds from its IPO in a “series of opaque deals with insiders and questionable counterparties” last year. According to the report, Ebang picked up $ 21 million in the November 2020Claim the proceeds would be “primarily used for development” and instead the funds were used to repay related party loans to a relative of Ebang’s chief executive officer. Dong Hu. The report also found that Ebang’s previous efforts to go public on the Hong Kong Stock Exchange had failed because of the media coverage of a sales inflation program with Yindou, a Chinese peer-to-peer online lending platform that raised 20,000 in 2018 Private investors were cheated, it was reported. With $ 655 million “disappear[ing] in thin air. “
In the news, the company’s share price fell $ 0.82or about 13% to close at $ 5.53 per share on April 6, 2021in the case of unusually high trading volumes.
On April 6, 2021After the market closed, Ebang issued a statement stating that the report was “included”[ed] Lots of mistakes, unsupported speculation, and imprecise interpretations of events. “The” Board of Directors intends, together with its Audit Committee, to further examine and investigate the allegations and misinformation contained therein and will take all necessary and reasonable steps to protect the interests of its shareholders. “
In the news, the company’s share price fell $ 0.12or 2.17% to close at $ 5.41 per share on April 7, 2021. The share price fell further in the next trading session $ 0.38or 7% to close at $ 5.03 per share on April 8, 2021in the case of unusually high trading volumes.
Throughout the class period, defendants made materially false and / or misleading statements and did not disclose any material adverse facts about the business, business and prospects of the company. Specifically, Defendants have failed to advise investors: (1) that the proceeds of Ebang’s public offerings were used in low-yielding long-term bonds to an subscriber and affiliates rather than used to develop the company’s business; (2) Ebang’s sales decreased and the company increased reported sales, including through the sale of defective units; (3) that Ebang’s attempts to go public Hong Kong failed due to allegations of embezzlement of investor funds and excessive sales; (4) that Ebang’s alleged cryptocurrency exchange was merely the purchase of an out-of-the-box cryptocurrency exchange; and (5) that Defendants’ positive statements about the Company’s business, operations and prospects as a result of the foregoing were materially misleading and / or unfounded.
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If you bought or otherwise acquired Ebang securities during the class period, you can move the court at the latest June 7, 2021 to seek appointment as the lead plaintiff in this alleged class action lawsuit. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action or have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Charles Linehan, Esquire, by GPM, 1925 Century Park East, Suite 2100, Los Angeles, California Email 90067 at 310-201-9150, toll-free at 888-773-9224, at [email protected]or visit our website at www.glancylaw.com. When inquiring by email, please include your postal address, telephone number and the number of shares purchased.
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.
SOURCE Glancy Prongay & Murray LLP