Kessler Topaz Meltzer & Check, LLP Reminds Investors of Deadline for Securities Fraud Class Action Lawsuit Filed Against Ebang International Holdings Inc.
The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed against Ebang International Holdings Inc. (NASDAQ: EBON) (“Ebang”) on behalf of those who purchased or acquired Ebang securities between June 26, 2020 and April 5, 2021, inclusive (the “Class Period”).
Investor Deadline Reminder: Investors who purchased or acquired Ebang securities during the Class Period may, no later than June 7, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at email@example.com; or click https://www.ktmc.com/ebang-international-class-action-lawsuit?utm_sour ...
Ebang is a leading application-specific integrated circuit chip design company and a leading manufacturer of Bitcoin mining machines. The Class Period commences on June 26, 2020, when Ebang filed its prospectus in connection with its initial public offering (the “IPO”). On October 23, 2020, Ebang filed its registration statement on a Form F-1 for an offering of Class A ordinary shares and warrants to purchase Class A ordinary shares. It was subsequently amended on October 26, 2020, November 6, 2020, and November 16, 2020 before Ebang filed a related prospectus on a Form 424b4 on November 20, 2020.
According to the complaint, on April 6, 2021, before the market opened, Hindenburg Research published a report alleging, among other things, that Ebang was 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 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.” Following this news, Ebang’s share price fell $0.82, or approximately 13%, to close at $5.53 per share on April 6, 2021.
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