According to the lawsuit, the Registration Statement featured false and/or misleading statements and/or failed to disclose that:
- the Company’s failure to derive real revenue from third-party customers left it almost completely dependent on related parties;
- as a result, most, if not all, of the Company’s revenue came from related parties the Company created, funded, or controlled through its ownership and board seats;
- the Company was misclassifying and underreporting related party revenue in order to conceal the Company’s near total-dependence on related parties;
- many of the Company’s new R&D partners are undisclosed related parties and/or façades;
- as a result, the Company’s valuation was significant less than Defendants disclosed to investors; and
- as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
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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