BOSTON, June 26, 2020 (GLOBE NEWSWIRE) -- On June 25, 2020, analyst Hindenburg Research issued a series of tweets announcing Hindenburg’s conclusion that Ideanomics, Inc. (NASDAQ: IDEX) “is an egregious & obvious fraud.” Hindenburg asserted that it found evidence that Ideanomics “doctored photos in its PR to suggest it owns/operates” a facility, and that this “strikes us as a clear effort by the company to manipulate the photographs in order to drive its stock price up.” Hindenburg further asserted that it had an investigator who visited Ideanomics “supposed MEG sales center,” and that the “facility is actually operated by almost 100 sales groups,” none of whom had “heard of [Ideanomics] or MEG.” Furthermore, Hindenburg stated that it had its “investigator call five of [Ideanomics’] purported customers that are helping drive its supposed [electric vehicle] business,” and that “[n]one of them were aware of Ideanomics and none were able to confirm doing business with” Ideanomics.
On this announcement, Ideanomics shares fell approximately 21% in one day, down to $2.44 per share from their June 24, 2020 close of $3.09 per share. Shares have continued to plummet on June 26, 2020, and are presently trading around $1.83 per share, a drop of approximately 41% in less than two trading days.
Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, is investigating whether Ideanomics and certain of its executives may be liable for potential securities fraud.
If you purchased or acquired shares of Ideanomics and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockesq.com, or at https://shareholder.law/cases/?case=idex.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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SOURCE: Block & Leviton LLP
www.blockesq.com