Trending...
- Cold. Clean. Anywhere. Meet FrostSkin
- Apostle Margelee Hylton Announces the Release of Third Day Prayer
- Slotozilla Reports Strong Q4 Growth and Sigma Rome Success
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Ebang International Holdings, Inc. ("Ebang" or the "Company") (NASDAQ: EBON) securities between June 26, 2020 and April 5, 2021, inclusive (the "Class Period"). Ebang investors have until June 7, 2021 to file a lead plaintiff motion.
Investors suffering losses on their Ebang investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On April 6, 2021, before the market opened, Hindenburg Research published a report alleging, among other things, that Ebang is directing proceeds from its IPO last year into a "series of opaque deals with insiders and questionable counterparties." According to the report, Ebang raised $21 million in November 2020, claiming the proceeds would go "primarily for development," and that instead the funds were directed to repay related-party loans to a relative of the Ebang's Chief Executive Officer, Dong Hu. The report also noted that Ebang's earlier efforts to go public on the Hong Kong Stock Exchange had failed due to widespread media coverage of a sales inflation scheme with Yindou, a Chinese peer-to-peer online lending platform that defrauded 20,000 retail investors in 2018, with $655 million "vanish[ing] into thin air."
More on The PennZone
On this news, the Company's share price fell $0.82, or approximately 13%, to close at $5.53 per share on April 6, 2021, on unusually heavy trading volume.
On April 6, 2021, after the market closed, Ebang issued a statement stating that, though it believed the report "contain[ed] many errors, unsupported speculations and inaccurate interpretations of events," the "Board, together with its Audit Committee, intends to further review and examine the allegations and misinformation therein and will take whatever necessary and appropriate actions may be required to protect the interest of its shareholders."
On this news, the Company's share price fell $0.12, or 2.17%, to close at $5.41 per share on April 7, 2021. The stock price continued to decline over the next trading session by $0.38, or 7%, to close at $5.03 per share on April 8, 2021, on unusually heavy trading volume.
Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the proceeds from Ebang's public offerings had been directed to an low yield, long term bonds to an underwriter and to related parties rather than used to develop the Company's operations; (2) that Ebang's sales were declining and the Company had inflated reported sales, including through the sale of defective units; (3) that Ebang's attempts to go public in Hong Kong had failed due to allegations of embezzling investor funds and inflated sales figures; (4) that Ebang's purported cryptocurrency exchange was merely the purchase of an out-of-the-box crypto exchange; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
More on The PennZone
If you purchased Ebang securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Investors suffering losses on their Ebang investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On April 6, 2021, before the market opened, Hindenburg Research published a report alleging, among other things, that Ebang is directing proceeds from its IPO last year into a "series of opaque deals with insiders and questionable counterparties." According to the report, Ebang raised $21 million in November 2020, claiming the proceeds would go "primarily for development," and that instead the funds were directed to repay related-party loans to a relative of the Ebang's Chief Executive Officer, Dong Hu. The report also noted that Ebang's earlier efforts to go public on the Hong Kong Stock Exchange had failed due to widespread media coverage of a sales inflation scheme with Yindou, a Chinese peer-to-peer online lending platform that defrauded 20,000 retail investors in 2018, with $655 million "vanish[ing] into thin air."
More on The PennZone
- Capsadyn® Launches on Amazon, Offering Non-Burning Capsaicin Pain Relief
- Pita Chip Celebrates One Year at The Concourse at Comcast Center with Free Entrees for the Community
- When Representation No Longer Reflects the District — Why I'm Voting for Pete Verbica
- How Direct Home Buyers Are Simplifying the Selling Process for Philadelphia Homeowners
- Off The Hook YS (NY SE: OTH) Executes Transformational Apex Acquisition, Creating Vertically Integrated Marine Powerhouse with $60M Inventory Capacity
On this news, the Company's share price fell $0.82, or approximately 13%, to close at $5.53 per share on April 6, 2021, on unusually heavy trading volume.
On April 6, 2021, after the market closed, Ebang issued a statement stating that, though it believed the report "contain[ed] many errors, unsupported speculations and inaccurate interpretations of events," the "Board, together with its Audit Committee, intends to further review and examine the allegations and misinformation therein and will take whatever necessary and appropriate actions may be required to protect the interest of its shareholders."
On this news, the Company's share price fell $0.12, or 2.17%, to close at $5.41 per share on April 7, 2021. The stock price continued to decline over the next trading session by $0.38, or 7%, to close at $5.03 per share on April 8, 2021, on unusually heavy trading volume.
Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the proceeds from Ebang's public offerings had been directed to an low yield, long term bonds to an underwriter and to related parties rather than used to develop the Company's operations; (2) that Ebang's sales were declining and the Company had inflated reported sales, including through the sale of defective units; (3) that Ebang's attempts to go public in Hong Kong had failed due to allegations of embezzling investor funds and inflated sales figures; (4) that Ebang's purported cryptocurrency exchange was merely the purchase of an out-of-the-box crypto exchange; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
More on The PennZone
- Tri-State Area Entrepreneur Launches K-Chris: A Premium Digital Destination for Luxury Fragrances
- Why One American Manufacturer Builds BBQ Smokers to Aerospace Standards
- Diversified Roofing Solutions Strengthens Industry Leadership With Expanded Roofing Services Across South Florida
- ZRCalc™ Cinema Card Calculator Now Available for Nikon ZR Shooters
- Revolutionary Data Solution Transforms Health Insurance Underwriting Accuracy
If you purchased Ebang securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Filed Under: Business
0 Comments
Latest on The PennZone
- PRÝNCESS Builds Anticipation With "My Nerves" — A Girls-Girl Anthem
- Arbutus Medical Raises C$9.3M to Accelerate Growth of Surgical Workflow Solutions Outside the OR
- From Sleepless Nights to Sold-Out Drops: Catch Phrase Poet's First Year Redefining Motivational Urban Apparel
- Cold. Clean. Anywhere. Meet FrostSkin
- How Specialized Game Development Services Are Powering the Next Wave of Interactive Entertainment
- Brain Drain Unlimited Strengthens Legal Advocacy with Advanced Training from Villanova University
- Don't Settle for a Lawyer Who Just Speaks Spanish. Demand One Who Understands Your Story
- Dan Williams Promoted to Century Fasteners Corp. – General Manager, Operations
- Ski Johnson Inks Strategic Deals with Three Major Food Chain Brands
- NIL Club Advances Agent-Free NIL Model as Oversight Intensifies Across College Athletics
- Pallet Company Partners with Internet Marketing Company
- Atlanta Magazine Names Dr. Rashad Richey One of Atlanta's Most Influential Leaders in 2026 as the FIFA World Cup Approaches
- Apostle Margelee Hylton Announces the Release of Third Day Prayer
- Slotozilla Reports Strong Q4 Growth and Sigma Rome Success
- "Lights Off" and Laughs On: Joseph Neibich Twists Horror Tropes in Hilariously Demonic Fashion
- Families Gain Clarity: Postmortem Pathology Expands Private Autopsy Services in St. Louis
- Beethoven: Music of Revolution and Triumph - Eroica
- Don't Get Burned by High Heater Prices in Philly This Winter!
- Amy Turner Receives 2025 ENPY Partnership Builder Award from The Community Foundation
- Hubble Tension Solved? Study finds evidence of an 'Invisible Bias' in How We Measure the Universe