According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- The proceeds from Ebang’s public offerings had been directed to a low yield, long term bonds to an underwriter and to related parties rather than used to develop the Company’s operations;
- Ebang’s sales were declining and the Company had inflated reported sales, including through the sale of defective units;
- Ebang’s attempts to go public in Hong Kong had failed due to allegations of embezzling investor funds and inflated sales figures;
- Ebang’s purported cryptocurrency exchange was merely the purchase of an out-of-the-box crypto exchange; and
- As a result of the foregoing, defendants’ positive statements about Ebang’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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