Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against Ebang International Holdings Inc.
NEW YORK, April 13, 2021 (GLOBE NEWSWIRE) – Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against Ebang International Holdings Inc. in the U.S. District Court for the Southern Borough of New York. (NASDAQ: EBON) on behalf of shareholders who purchased shares between June 26, 2020 and April 5, 2021 (including the “Class Period”).
If you have suffered losses in the shares of Ebang International Holdings Inc., You can, no later than June 7, 2021, Ask the court to appoint you as the lead plaintiff in the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Ebang International Holdings Inc.
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On April 6, 2021, before the market opened, Hindenburg Research reported that Ebang is converting the proceeds from its IPO into a “series of opaque deals with insiders and questionable counterparties.” According to the report, Ebang raised $ 21 million and claimed the proceeds would go “mostly for”
Development, “but instead used the funds to repay related party loans to a relative of Ebang’s CEO, Dong Hu.
The report also found that Ebang did not go public on the Hong Kong Stock Exchange due to a sales inflation program with Yindou, a Chinese peer-to-peer online lending platform that defrauded 20,000
Retail investors in 2018 with $ 655 million “disappear[ing] “The report also challenged Ebang’s claims to be the world’s leading bitcoin maker, noting that the company’s sales appeared to be” defective units or just manufactured in whole “.
In the news, Ebang’s share price fell approximately 13%, closing at $ 5.53 per share on April 6, 2021. In response, Ebang issued a statement believing the report “contains”[ed] many errors, unsupported speculation, and inaccurate interpretations of events, “indicating that the board of directors and audit committee would look into the allegations. The company’s share price continued to decline on the news.
Wolf Haldenstein has extensive experience prosecuting class and derivative disputes in state and federal courts and appeals courts across the country. The firm has lawyers in various fields of activity; and offices in New York, Chicago and San Diego. This firm’s reputation and expertise in shareholder and other class disputes has been recognized repeatedly by the courts who have appointed them to key positions in complex securities multiple district and consolidated litigation.
If you would like to discuss this promotion or if you have any questions about your rights and interests in this case, please contact Wolf Haldenstein immediately at (800) 575-0735, by email at firstname.lastname@example.org or visit our website .
Wolf Haldenstein Adler Freeman & Herz LLP
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