According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- Smart Digital was the subject of a market manipulation and fraudulent promotion scheme involving social-media based misinformation and impersonators posing as financial professionals;
- insiders and/or affiliates used and/or intended to use offshore or nominee accounts to facilitate the coordinated dumping of shares during a price inflation campaign;
- Smart Digital’s public statements and risk disclosures omitted any mention of realized risk of fraudulent trading or market manipulation used to drive Smart Digital’s stock price;
- as a result, Smart Digital securities were at unique risk of a sustained suspension in trading by either or both of the SEC and NASDAQ; and
- as a result of the foregoing, defendants’ positive statements about Smart Digital’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.
