Kessler Topaz Meltzer & Check, LLP Reminds Investors of Securities Fraud Class Action Lawsuit Filed Against Ebang International Holdings Inc. | State
RADNOR, Pa., April 18, 2021 / PRNewswire / – Kessler Topaz Meltzer & Check, LLP law firm is reminding investors that a class action lawsuit for securities fraud has been filed against Ebang International Holdings Inc. (NASDAQ: EBON) (“Ebang”) on behalf of the buyers or acquired Ebang Securities between June 26, 2020 and April 5, 2021including (the “Class Period”).
Investor Deadline Reminder: Investors who have bought or acquired Ebang Securities during the lesson period, not later than June 7, 2021try to be appointed as the plaintiff’s principal representative of the class. For more information or to learn how to participate in this litigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; per email to firstname.lastname@example.org; or click https://www.ktmc.com/ebang-international-class-action-lawsuit?utm_source=PR&utm_medium=Link&utm_campaign=ebang
Ebang is a leader in application specific integrated circuit chips and a leading manufacturer of bitcoin mining equipment.
According to the complaint on April 6, 2021Before the market opened, Hindenburg Research published a report claiming, among other things, that Ebang had put the proceeds from its IPO in a “series of opaque deals with insiders and questionable counterparties” last year. 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. “After this news, Ebang’s share price fell $ 0.82or about 13% to close at $ 5.53 per share on April 6, 2021.
Then further 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. “The share price declined further in the next trading session $ 0.38or 7% to close at $ 5.03 per share on April 8, 2021.
The complaint alleges that throughout the class period, defendants failed to notify investors that: (1) the proceeds from Ebang’s public offerings were used for long-term, low-yielding bonds to an subscriber and related parties, rather than for the development of Ebangs operations to be used; (2) Ebang’s sales were down, and Ebang had increased reported sales, including through sales of defective units. (3) Ebang’s attempts to go public Hong Kong failed due to allegations of embezzlement of investor funds and excessive sales; (4) Ebang’s alleged cryptocurrency exchange was merely the purchase of an out-of-the-box crypto exchange. and (5) as a result of the foregoing, Defendants’ positive statements about Ebang’s business, business and prospects were materially misleading and / or unfounded.
Ebang investors can not later than June 7, 2021, attempt to be appointed as the class lead plaintiff by Kessler Topaz Meltzer & Check, LLP, or other attorney, or choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the dispute. To be named lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members and that the class member is adequately representing the class. Your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP, pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of federal and state law. Kessler Topaz Meltzer & Check, LLP, is a driving force behind corporate governance reform and has collected billions of dollars on behalf of institutional and individual investors The United States and all over the world. The company represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and are involved in recovering government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. Further information on Kessler Topaz Meltzer & Check, LLP can be found at www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro Jr., Esq.
Adrienne Bell, Esq.
280 Street of the King of Prussia
Radnor, PA 19087
(844) 887-9500 (toll free)
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SOURCE Kessler Topaz Meltzer & Check, LLP