U.S. markets close in 3 hours 17 minutes
  • S&P 500

    4,239.21
    +14.42 (+0.34%)
     
  • Dow 30

    33,899.91
    +22.94 (+0.07%)
     
  • Nasdaq

    14,207.24
    +65.76 (+0.47%)
     
  • Russell 2000

    2,280.86
    -5.23 (-0.23%)
     
  • Crude Oil

    73.28
    -0.38 (-0.52%)
     
  • Gold

    1,779.70
    -3.20 (-0.18%)
     
  • Silver

    25.85
    -0.17 (-0.67%)
     
  • EUR/USD

    1.1940
    +0.0016 (+0.13%)
     
  • 10-Yr Bond

    1.4780
    -0.0060 (-0.40%)
     
  • GBP/USD

    1.3937
    +0.0004 (+0.03%)
     
  • USD/JPY

    110.7030
    +0.4050 (+0.37%)
     
  • BTC-USD

    32,065.68
    -261.47 (-0.81%)
     
  • CMC Crypto 200

    762.37
    -31.95 (-4.02%)
     
  • FTSE 100

    7,090.01
    +27.72 (+0.39%)
     
  • Nikkei 225

    28,884.13
    +873.20 (+3.12%)
     

Shareholder Alert: Kessler Topaz Meltzer & Check, LLP Reminds Shareholders of Ebang International Holdings Inc. of Securities Class Action Lawsuit

  • Oops!
    Something went wrong.
    Please try again later.
·4 min read
  • Oops!
    Something went wrong.
    Please try again later.

Radnor, Pennsylvania--(Newsfile Corp. - May 16, 2021) - The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors of Ebang International Holdings Inc. (NASDAQ: EBON) ("Ebang") that a securities fraud class action lawsuit has been filed on behalf of those who purchased or acquired Ebang securities between June 26, 2020 and April 5, 2021, inclusive (the "Class Period").

Investor Deadline Reminder: Investors who purchased or acquired Ebang securities during the Class Period may, no later than June 7, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional 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; via e-mail at info@ktmc.com; or click https://www.ktmc.com/ebang-international-class-action-lawsuit?utm_source=PR&utm_medium=Link&utm_campaign=ebang

Ebang is a leading application-specific integrated circuit chip design company and a leading manufacturer of Bitcoin mining machines.

According to the complaint, on April 6, 2021, before the market opened, Hindenburg Research published a report alleging, among other things, that Ebang was directing proceeds from its initial public offering last year into a "series of opaque deals with insiders and questionable counterparties." The report also noted that Ebang's earlier efforts to go public on the Hong Kong Stock Exchange had failed due to widespread media coverage of a sales inflation scheme with Yindou, a Chinese peer-to-peer online lending platform that defrauded 20,000 retail investors in 2018, with $655 million "vanish[ing] into thin air." Following this news, Ebang's share price fell $0.82, or approximately 13%, to close at $5.53 per share on April 6, 2021.

Then, on April 6, 2021, after the market closed, Ebang issued a statement stating that, though it believed the report "contain[ed] many errors, unsupported speculations and inaccurate interpretations of events," the "Board, together with its Audit Committee, intends to further review and examine the allegations and misinformation therein and will take whatever necessary and appropriate actions may be required to protect the interest of its shareholders." The stock price continued to decline over the next trading session by $0.38, or 7%, to close at $5.03 per share on April 8, 2021.

The complaint alleges that, throughout the Class Period, the defendants failed to disclose to investors that: (1) the proceeds from Ebang's public offerings had been directed to low yield, long term bonds to an underwriter and to related parties rather than used to develop Ebang's operations; (2) Ebang's sales were declining, and Ebang had inflated reported sales, including through the sale of defective units; (3) Ebang's attempts to go public in Hong Kong had failed due to allegations of embezzling investor funds and inflated sales figures; (4) Ebang's purported cryptocurrency exchange was merely the purchase of an out-of-the-box crypto exchange; and (5) as a result of the foregoing, the defendants' positive statements about Ebang's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Ebang investors may, no later than June 7, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP, or other counsel, or may 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 litigation. In order to be appointed as a 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 will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
info@ktmc.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84102