Notice of Lead Plaintiff Deadline for Shareholders in the Ebang International Holdings Inc. Class Action Lawsuit
SAN DIEGO–(BUSINESS WIRE) – Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the southern borough of New York between June 26, 2020 and April 5 on behalf of the buyers of securities of Ebang International Holdings Inc. (NASDAQ: EBON) . 2021 inclusive (the “Class Period”). The case is entitled Zaker v Ebang International Holdings Inc., No. 21-cv-03060, and is assigned to Judge Katherine Polk Failla. The Ebang class action lawsuit accuses Ebang and some of its executives of violating the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Ebang securities during the class period to seek appointment as the lead plaintiff in the Ebang class action. A lead plaintiff is generally the applicant with the greatest financial interest in the relief sought by the alleged class, which is also typical and appropriate for the alleged class. A lead plaintiff is acting on behalf of all other class members in directing the Ebang class action. The lead plaintiff can choose a law firm of their choice to bring the class action lawsuit in Ebang. An investor’s ability to participate in a possible future recovery of Ebang’s class action lawsuit does not depend on whether they are the lead plaintiff. If you would like to stand as the lead plaintiff in the Ebang class action or have any questions about your rights in relation to the Ebang class action, please complete your information here or contact attorney JC Sanchez of Robbins Geller at 800 / 449-4900 or 619 / 231-1058 or by email to firstname.lastname@example.org. Motions by lead plaintiffs for the Ebang class action must be filed with the court by June 7, 2021 at the latest.
Ebang claims to be a leader in application specific design of integrated circuit chips and a leading manufacturer of bitcoin mining equipment.
Ebang’s class action alleges that throughout the collection period the defendants made false and / or misleading statements and / or failed to disclose that: (i) proceeds from Ebang’s public offerings were directed to, and not for, related parties Development was used by Ebang operations; (ii) Ebang’s sales were down and Ebang had increased reported sales, including through sales of defective units; (iii) Ebang’s attempts to go public in Hong Kong had failed on allegations of misappropriation of investor funds and excessive sales. (iv) Ebang’s alleged cryptocurrency exchange was merely the purchase of an out-of-the-box cryptocurrency exchange. and (v) as a result, Defendants’ positive statements about Ebang’s business, business and prospects were materially misleading and / or unfounded.
On April 6, 2021, before the market opened, Hindenburg Research released a report claiming, among other things, that Ebang channeled the proceeds from its IPO into a “series of opaque deals with insiders and questionable counterparties” last year. According to the report, Ebang raised $ 21 million in November 2020, claiming the proceeds would be “mostly used for development.” Instead, the funds were used to repay related party loans to a relative of Ebang’s CEO, 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. “On the news, Ebang’s share price fell approximately 13%.
Later the day after the market closed, Ebang made a statement stating this, despite believing the report “contains[ed] Lots of errors, unsupported speculation and inaccurate interpretations of events, ”the Board of Directors, together with its Audit Committee, intends to further examine and examine the allegations and misinformation contained therein and will take all necessary and reasonable measures to protect the interests of its shareholders . “In the news, Ebang’s share price fell another 2%, which continued to hurt investors.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms serving investors in class action lawsuits. With 200 attorneys in 9 law firms, Robbins Geller has filed many of the largest securities lawsuits in history. For eight consecutive years, ISS Securities Class Action Services has ranked the firm as one of the world’s top law firms in its annual SCAS Top 50 report, both in terms of amount recovered for shareholders and total number of class action lawsuits. Robbins Geller’s lawyers helped shape securities laws and reclaimed tens of billions of dollars on behalf of injured victims. In addition to securing financial repayments for duped investors, Robbins Geller is focused on implementing corporate governance reforms that will help improve financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by the courts, professional associations and the media as the leading attorneys in the industry. Please visit http://www.rgrdlaw.com for more information.