SAN DIEGO, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Singularity Future Technology Ltd. f/k/a Sino-Global Shipping America Ltd. (NASDAQ: SGLY) (“Singularity” or the “Company”). The class action is on behalf of shareholders who purchased Singularity securities between February 12, 2021 and November 17, 2022, both dates inclusive (the “Class Period”). Investors are hereby notified that they have until February 7, 2023, to move the Court to serve as lead plaintiff in this action.
What actions may I take at this time? If you suffered a loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number.
To join this action, you can click or copy and paste the link below into a browser:
https://www.cognitoforms.com/JohnsonFistel/SingularityFutureTechnologyLtd
There is no cost or obligation to you.
According to the lawsuit, the defendants throughout the Class Period made false and misleading statements and failed to disclose: (1) the Company’s former Chief Executive Officer (“CEO”) Yang Jie’s true educational background, that he had an outstanding arrest warrant in China, committed forgery, was the largest shareholder and Vice President of Finance, for a Nasdaq-listed lending company, China Commercial Credit (“CCC”), which failed after reporting massive losses; (2) material related party transactions with SOS Information Technology New York Inc. (“SOS”) (where Jie’s wife was Vice President) and Rich Trading Co. Ltd USA (“Rich Trading”); (3) independent director John Levy’s long tenure as a director of CCC; (4) the Company lacked adequate internal controls and as a result had a heightened risk of scrutiny and ultimately was subject to a United States Attorney’s Office for the Southern District of New York and SEC investigation and action as well as a potential delisting by NASDAQ; and as a result (5) the Company’s statements during the Class Period about the historical financial and operational metrics and supposed market opportunities did not correctly reflect the actual business, operations, and financial results and trajectory of the Company, and were materially false and misleading.
A lead plaintiff will act on behalf of all other class members in directing the Singularity class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the Singularity class action lawsuit is not dependent upon serving as lead plaintiff.
For more information regarding the lead plaintiff process please refer to https://www.johnsonfistel.com/lead-plaintiff-deadlines.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
Investor Relations
jimb@johnsonfistel.com
