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Los Angeles, California--(Newsfile Corp. - April 29, 2020) - The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Canaan Inc. (NASDAQ: CAN) ("Canaan" or "the Company") for violations of the federal securities laws.
Investors who purchased the Company's securities pursuant and/or traceable to the Company's initial public offering ("IPO") on or about November 20, 2019, are encouraged to contact the firm before May 4, 2020.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Canaan claimed to engage in "strategic cooperation" which was really just a related-party transaction. The Company was in a weaker financial position than it reported. The Company removed many distributors immediately before the IPO, many of which were of dubious quality. Many of the Company's Chinese customers were not in the Bitcoin industry and were therefore not likely to buy its products again. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Canaan, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
The Schall Law Firm
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55095