SAN FRANCISCO, June 29, 2020 /PRNewswire/ -- Hagens Berman urges investors in Ideanomics, Inc. (NASDAQ: IDEX) to submit their losses now. A securities fraud class action has been filed, and certain investors may have valuable claims.
Ideanomics (IDEX) Securities Class Action:
The complaint alleges that, throughout the Class Period, Defendant misrepresented and omitted facts concerning the development of Ideanomics' electric vehicle hub in Qingdao, China, the Mobile Energy Group ("MEG") center, and overstated the strength of its electric vehicle business. According to the complaint, Defendants repeatedly lauded its "one million square foot MEG center," while concealing the MEG Center was not operational. Defendants also publicized new electric vehicle contracts when, in fact, these agreements were fabricated.
Investors began to learn the truth, according to the complaint, on June 25, 2020, when two research firms accused the company of doctoring photographs of the MEG Center to make it appear operational and claimed recently promoted electronic vehicle contracts were phony.
Then, on June 26, 2020, the company issued a press release seeking to "clarify the status" of its MEG center. Specifically, the company stated that it was launching three phases of its MEG Center that will eventually total one million square feet. The first phase, according to Ideanomics, occupies only "215,000 square feet."
In response to these disclosures, the price of Ideanomics shares has crashed by over 50%.
"We're focused on investors' losses and proving Ideanomics falsely promoted the state of its MEG center and EV business," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Ideanomics and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Ideanomics should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email IDEX@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP