NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against Canaan, Inc. (“Canaan” or the “Company”) (NASDAQ: CAN) and certain of its officers, alleging violations of federal securities laws. If you purchased Canaan American Depository Receipts (“ADRs”) between February 10, 2021 and April 9, 2021 (the “Class Period”), and have suffered a loss, you are encouraged to contact Joseph Pettigrew for additional information at (844) 818-6982 or firstname.lastname@example.org.
Canaan designs, manufactures, and sells bitcoin mining machines, primarily in the People’s Republic of China.
The lawsuit alleges, among other things, that the Company made materially false and/or misleading statements because the Company had touted its sales prospects throughout the Class Period, but then revealed to investors, before the markets opened on Monday, April 12, 2021, that its fourth quarter 2020 (“4Q20”) sales had declined more than 93% year-over-year and more than 93% from the third quarter 2020 (“3Q20”). As a result, Canaan’s 4Q20 total net revenues had decreased to RMB38.2 million (U.S. $5.9 million) from RMB463.2 million in the fourth quarter of 2019 and from RMB163.0 million in 3Q20.
On this news, the market price of Canaan ADRs fell $5.53, or 29.6%, to close at $13.14 per ADR on April 12, 2021, down from its close of $18.67 per ADR on the previous trading day, April 9, 2021.
What You Can Do
If you purchased Canaan ADRs between February 10, 2021 and April 9, 2021, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joseph Pettigrew at (844) 818-6982 or email@example.com. The lead plaintiff deadline is June 14, 2021.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.