Robbins Geller Rudman & Dowd LLP Announces Lead Plaintiff Deadline in the Canaan Inc. Class Action Lawsuit
Robbins Geller Rudman & Dowd LLP announced that purchasers of Canaan Inc. (“Canaan” or the “Company”) (NASDAQ:CAN) American Depositary Receipts (“ADRs”) between February 10, 2021 and April 9, 2021 (the “Class Period”) (the “Canaan class action lawsuit”) have until June 14, 2021 to seek appointment as lead plaintiff in the Canaan class action lawsuit, Denny v. Canaan Inc., No. 21-cv-03299 (S.D.N.Y.), which is assigned to Judge John P. Cronan.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Canaan ADRs during the Class Period to seek appointment as lead plaintiff in the Canaan class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Canaan class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Canaan class action lawsuit. An investor’s ability to share in any potential future recovery of the Canaan class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff in the Canaan class action lawsuit, you must move the Court no later than 60 days from April 15, 2021. If you wish to discuss the Canaan class action lawsuit or have any questions concerning this notice or your rights or interests, please provide your information here or contact plaintiff’s counsel, Mary K. Blasy of Robbins Geller, at 800/449-4900 or 631-454-7719 or via e-mail at firstname.lastname@example.org. You can view a copy of the complaint as filed at https://www.rgrdlaw.com/cases-canaan-class-action-lawsuit.html.
The Canaan class action lawsuit charges Canaan and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Canaan designs, manufactures, and sells bitcoin mining machines, primarily in the People’s Republic of China.
The Canaan class action lawsuit alleges that Canaan’s fiscal year 2020 (“FY20”) ended on December 31, 2020. On February 9, 2021, nearly six weeks later, Canaan announced that its former Chief Financial Officer (“CFO”), Quanfu Hong (“Hong”), had suddenly resigned effective immediately, providing no explanation as to why and citing only “personal reasons.” The next day, February 10, 2021, Canaan issued a press release announcing that its “revenue visibility ha[d] improved substantially” and making other positive statements about purported visibility into increases in the size and quality of orders the Company had been receiving. These statements were heralded by the investment community in light of former CFO Hong’s statements on November 30, 2020 that “the demand for mining machines in the market continued to rebound during the third quarter, and” that Canaan had “received a large number of pre-sale orders which [were] scheduled for delivery starting in the fourth quarter of 2020.” (“4Q20”). Predictably, the market reacted positively to these statements, driving up the market price of Canaan ADRs from their open of $6.91 each on Monday, February 8th to close at $13.04 each on Friday, February 12th, an increase of nearly 90%.
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