NEW YORK, July 25, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of shareholders who bought shares of Ideanomics, Inc. (NASDAQ: IDEX) (“Ideanomics” or the “Company”) from May 15, 2017 through November 13, 2018, inclusive (the “Class Period”).
Investors who purchased the shares of Ideanomics, Inc. urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.
If you have incurred losses in the shares of Ideanomics, Inc., you may, no later than September 17, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Ideanomics, Inc.
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According to the filed complaint, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- Costs associated with building out Ideanomics’ U.S. infrastructure and hiring its new executive team were negatively impacting the Company’s bottom line performance;
- as a result, Ideanomics was highly unlikely to meet its 2018 EBITDA guidance;
- Ideanomics’ margins in its oil trading and consumer electronics businesses were too low for those businesses to remain viable; and
- as a result, defendants’ statements about Ideanomics’ business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 14, 2018, Ideanomics issued a press release disclosing that the Company “intend[ed] to phase out [its] oil trading and consumer electronics businesses, with the intention to fully divest these assets in the near future.” Ideanomics also disclosed that it did “not anticipate meeting [its] EBITDA guidance of $35 million for fiscal year 2018,” citing “costs associated with building out [its] U.S. infrastructure and hiring [its] new executive team.”
On this news, Ideanomics’ stock price fell $1.59 per share, or 48.77%, to close at $1.67 per share on November 14, 2018.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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