The law firm of Kirby McInerney LLP is investigating potential claims against Singularity Future Technology Ltd. (“Singularity” or the “Company”) (NASDAQ: SGLY). The investigation concerns whether Singularity has violated the federal securities laws and/or engaged in other unlawful business practices.
Singularity focuses innovative solutions for globally interconnected AI networks and establishes state-of-the-art crypto mining pools.
On May 5, 2022, Hindenburg Research released a research report that alleged that “Singularity’s CEO, Yang Jie, is a fugitive on the run from Chinese authorities for running an alleged $300 million Ponzi scheme that lured in over 20,000 victims.” The Hindenburg report also claimed to “see little evidence that Singularity’s ‘proprietary’ crypto mining rigs ever existed in the first place. The photos and descriptions of Singularity’s miners match precisely with another brand called KOI Miner.” On this news, the price of Singularity shares declined by $1.95 per share, or approximately 28.89%, from $6.75 per share to close at $4.80 per share on May 5, 2022.
If you purchased or otherwise acquired Singularity securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220506005518/en/