BOSTON, May 13, 2021 (GLOBE NEWSWIRE) -- Block & Leviton LLP announces that a lawsuit has been filed against Ebang International Holdings (NASDAQ:EBON) for violations of the federal securities laws. Investors who have lost money should contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/ebon .
What is this all about?
On April 6, 2021, analyst Hindenburg Research published a scathing report on the Chinese cryptocurrency company, alleging that the company used the proceeds from four recent IPOs to funnel money to insiders and “questionable counterparties.” According to the report, Ebang raised $21 million in November 2020, claiming the proceeds would go “primarily for development.” The report alleges that $21 million was directed to repay related-party loans to a relative of the company’s Chairman/CEO Dong Hu. The report also noted that Ebang’s earlier efforts to go public on the Hong Kong Stock Exchange failed due to widespread media coverage of its relationship with Yindou, a massive Chinese peer-to-peer online lending scheme that defrauded 20,000 retail investors in 2018, with $655 million “vanish(ing) into thin air”. On this news, Ebang shares dropped 9.3% in premarket trading. A federal securities fraud lawsuit was filed against Ebang on April 8, 2021 in New York Southern District Court.
Who is eligible?
Anyone who purchased Ebang shares between June 26, 2020 and April 5, 2021 and has now lost money as a result of the publication of this report may be eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What is Block & Leviton doing?
Block & Leviton is pursuing securities class action litigation to attempt to recover losses on behalf of investors who have lost money.
What should you do next?
If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at cases@blockleviton.com , or by phone at (617) 398-5600.
Why should you contact Block & Leviton?
Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases . We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com , or call (617) 398-5600 or email cases@blockleviton.com with any questions.
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