NEW YORK , June 29, 2020 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Ideanomics, Inc. ("Ideanomics" or the "Company") (NASDAQ: IDEX). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Ideanomics and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On June 25, 2020 , analyst Hindenburg Research ("Hindenburg") issued a series of tweets in which it characterized Ideanomics as "an egregious & obvious fraud." Hindenburg claimed to have found evidence that Ideanomics had doctored photos for use in Company press releases in order to suggest that the Company owns or operates a vehicle sales center in Qingdao, China , when it in fact does not. Hindenburg further asserted that it had tasked an investigator to visit Ideanomics' purported MEG Center in Qingdao , but the investigator was unable to find any trace of Ideanomics' presence or the Company's purported MEG Center. That same day, analyst J Capital Research ("J Capital") issued a report on Ideanomics entitled "Champion of Promotes." J Capital wrote, in part, that "Ideanomics . . . is a zero. The company changes its name and promotional story so frequently that it's hard to keep up. One thing remains a constant, despite all the press releases, buzzwords and hype: shareholders get wiped out." J Capital also stated in a tweet that "[w]e called all the 'buyers' named in [Ideanomics'] press releases this month. Not a single one had made a purchase. One of them thanked us for alerting them to 'fake news.'"
On this news, Ideanomics' stock price fell $0.65 per share, or 21.04%, to close at $2.44 per share on June 25, 2020 .
The Pomerantz Firm, with offices in New York , Chicago , Los Angeles , and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz , known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
View original content: http://www.newswire.ca/en/releases/archive/June2020/29/c7156.html