Securities Fraud Class Action Lawsuit Filed Against Canaan Inc.

RADNOR, Pa., April 28, 2021 (GLOBE NEWSWIRE) – Law firm Kessler Topaz Meltzer & Check, LLP announces that a class action lawsuit has been filed against Canaan Inc. (NASDAQ : CAN) (“Canaan”) on behalf of those who have purchased or acquired Canaan American Depositary Receipts (“ADRs”) between February 10, 2021 and April 9, 2021including (the “Class Period”).

Deadline of the main plaintiff: June 14, 2021

Canaan designs, manufactures, and sells Bitcoin mining equipment, primarily in the People’s Republic of China.

The complaint alleges that throughout the class period, defendants withheld from the investing public that: (1) Kanaan experienced significant sustained supply chain disruptions in the fourth quarter of 2020; (2) The introduction of the next generation A12 series bitcoin mining machines from Canaan had cannibalized sales of the older product offerings in the fourth quarter of 2020. (3) As a result of the foregoing, Canaan’s sales and revenue declined dramatically in the fourth quarter of 2020. and (4) as a result of the foregoing, Canaan was not on track to achieve the strong financial outlook that the market had believed in.

Canaan investors can, no later than June 14, 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 reclaimed billions of dollars on behalf of institutional and individual investors from the US and around 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.

CONTACT:

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)
[email protected]

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