Shareholder Alert: Robbins LLP Announces Ideanomics, Inc. (IDEX) Accused of Misleading Shareholders

SAN DIEGO & NEW YORK--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that a purchaser of Ideanomics, Inc. (NYSE: IDEX) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between March 20, 2020 and June 25, 2020. Ideanomics focuses on monetizing the adoption of commercial electric vehicles, associated energy consumption, and developing financial services and Fintech products.

If you suffered a loss as a result of Ideanomics' misconduct, click here.

Ideanomics, Inc. (IDEX) Accused of Misleading Shareholders

According to the complaint, in May 2020, Ideanomics touted that its Mobile Energy Global ("MEG") center "in Qingdao now hosts a full suite of car dealer services for new energy and used cars with a capacity of 18,000 vehicles onsite." Then, on June 9, 2020, Ideanomics announced that auto dealers operating in MEG have sold 2,139 vehicles for a total of $33 million. However, on June 25, 2020, Hindenburg Research revealed that Ideanomics had manipulated photos to suggest it owns/operates the MEG center and "to drive its stock price up." Hindenburg also had an investigator call some of Ideanomics' purported customers and "'none of them were aware of Ideanomics and none were able to confirm doing business with' Ideanomics". That same day J Capital Research stated "[o]ne thing remains a constant [with Ideanomics]…shareholders get wiped out." After attempts by Ideanomics to clarify the findings in these reports, Hindenburg Research stated "[w]e continue to believe that Ideanomics is engaged in flagrant securities fraud and that its stock will end up in pennies." On this news, Ideanomics' share price fell over 53% over two days to close at $1.46 per share on June 26, 2020.

Ideanomics, Inc. (IDEX) Shareholders Have Options

Contact us to learn more:
Leo Kandinov
[phone]
[e-mail]
Shareholder Information Form

Want to be notified if a class action on behalf of Ideanomics settles? Want to receive free alerts about companies engaged in wrongdoing? Sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.