RADNOR, Pa., May 06, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP reminds Ebang International Holdings Inc. (NASDAQ: EBON) (“Ebang”) investors that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York against Ebang on behalf of those who purchased or acquired Ebang securities between June 26, 2020 and April 5, 2021, inclusive (the “Class Period”).
Lead Plaintiff Deadline: June 7, 2021
James Maro, Esq. (484) 270-1453
Ebang is a leading application-specific integrated circuit chip design company and a leading manufacturer of Bitcoin mining machines.
The complaint alleges that, throughout the Class Period, the defendants failed to disclose to investors that: (1) the proceeds from Ebang’s public offerings had been directed to low yield, long term bonds to an underwriter and to related parties rather than used to develop Ebang’s operations; (2) Ebang’s sales were declining, and Ebang had inflated reported sales, including through the sale of defective units; (3) Ebang’s attempts to go public in Hong Kong had failed due to allegations of embezzling investor funds and inflated sales figures; (4) Ebang’s purported cryptocurrency exchange was merely the purchase of an out-of-the-box crypto exchange; and (5) as a result of the foregoing, the defendants’ positive statements about Ebang’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Ebang investors may, no later than June 7, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)