According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- Canaan had experienced significant ongoing supply chain disruptions during the 4Q20;
- The introduction of Canaan’s next-generation A12 series bitcoin mining machines had cannibalized sales of the older product offerings during the 4Q20;
- As a result of the foregoing, Canaan’s 4Q20 sales and sales revenues had declined dramatically; and
- As a result of the foregoing Canaan was not on track to achieve the strong financial prospects it had led the market to believe.
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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