Philadelphia, Pennsylvania--(Newsfile Corp. - April 14, 2021) - Berger Montague is investigating potential securities fraud claims against Ebang International Holdings Inc. ("Ebang" or the "Company") on behalf of investors who purchased Ebang securities (NASDAQ: EBON) between June 26, 2020 and April 5, 2021 (the "Class Period").
If you purchased Ebang securities during the Class Period, have questions concerning your rights or interests, or would like to discuss Berger Montague's investigation, please contact attorneys Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Donnell Much at dmuch@bm.net or (215) 875-4667, or contact us at www.bergermontague.com/ebang.
According to a recently filed lawsuit, Ebang, a leading integrated circuit chip design company and manufacturer of Bitcoin mining machines, failed to disclose to investors that the Company had artificially inflated its sales figures, that insiders had embezzled funds from the Company, and that its cryptocurrency business was not as represented.
On April 6, 2021, Hindenburg Research published a report accusing Ebang of directing the proceeds from its IPO into a "series of opaque deals with insiders and questionable counterparties." Although the Company claimed the proceeds would go "primarily for development," instead monies were directed to repay related-party loans to a relative of Ebang's Chief Executive Officer. The Hindenburg report also pointed out that Ebang had been accused of a sales inflation scheme, which derailed its earlier attempt to go public on the Hong Kong Stock Exchange.
On this news, Ebang's share price fell approximately 13%, or $0.82, to a closing price of $5.53 per share on April 6, 2021.
If you purchased Ebang securities during the Class Period, you may seek Court appointment as lead plaintiff to represent other injured investors in a class action. The lead plaintiff appointment deadline is June 7, 2021. You do not need to be a lead plaintiff to share in any potential Class recovery.
Whistleblowers: Persons with non-public information regarding Ebang are encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
Donnell Much, Associate
Berger Montague
(215) 875-4667
dmuch@bm.net
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80443
