NEW YORK--(BUSINESS WIRE)--WHY: Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Ebang International Holdings Inc. (NASDAQ: EBON) resulting from allegations that Ebang may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Ebang securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to http://www.rosenlegal.com/cases-register-2075.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for information on the class action.
WHAT IS THIS ABOUT: On April 6, 2021, Hindenburg Research published a report entitled: “Ebang: Yet Another Crypto ‘China Hustle’ Absconding With U.S. Investor Cash[.]” The report alleges, among other things, that the Chinese cryptocurrency company is directing proceeds from its initial public offering (IPO) last year into a “series of opaque deals with insiders and questionable counterparties.” Also according to the report, Ebang raised $21 million in November 2020 during a secondary offering claiming the proceeds would go “primarily for development,” and that allegedly $21 million was directed to repay related-party loans to a relative of the Company's Chairman and Chief Executive Officer (CEO). Further, the report noted that EBang’s earlier efforts to go public on the Hong Kong Stock Exchange failed due to widespread media coverage of its relationship with Yindou, a Chinese peer-to-peer online lending scheme that defrauded 20,000 retail investors in 2018, with $655 million “vanish(ing) into thin air.”
On this news, EBang’s stock price fell 12% to close at $5.53 on April 6, 2021, on unusually heavy trading volume, damaging investors.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020 founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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