NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until June 14, 2021 to file lead plaintiff applications in a securities class action lawsuit against Canaan Inc. (NasdaqGM: CAN), if they purchased the Company’s American Depositary Receipts (“ADRs”) between February 10, 2021 and April 9, 2021, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased ADRs of Canaan and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nasdaqgm-can/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by June 14, 2021.
About the Lawsuit
Canaan and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On April 12, 2021, pre-market, the Company disclosed dismal 4Q20 and FY20 financial results for the period ended December 31, 2020, including a 93% year-over-year decrease in computing power sold and net revenues for the quarter, a stark contrast to the Company’s prior positive statements touting its business metrics and financial prospects.
On this news, ADRs of Canaan plummeted nearly 30%, from a close of $18.67 per ADR on April 9, 2021 to close at $13.14 on April 12, 2021, on unusually high volume.
The case is Denny v. Canaan Inc., No. 21-cv-03299.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.