Click here to join the case
LOS ANGELES, April 09, 2021 (GLOBE NEWSWIRE) --
The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Ebang International Holdings, Inc. ("Ebang" or "the Company") (NASDAQ: EBON) investors that acquired securities between June 26, 2020 and April 5, 2021.
Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.
Analyst Hindenburg Research published a report on April 6, 2021, alleging the Chinese cryptocurrency company is directing proceeds from its IPO last year into a "series of opaque deals with insiders and questionable counterparties. "Ebang raised $21 million in November 2020, According to the report, stating that the proceeds would go "primarily for development," and that $21 million was allegedly directed to repay related-party loans to a relative of the company's Chairman/CEO Dong Hu. It was also noted in this report that Ebang's earlier efforts to go public on the Hong Kong Stock Exchange failed as a result, to widespread media coverage of its relationship with Yindou, a Chinese peer-to-peer online lending scheme that defrauded 20,000 retail investors in 2018, with $655 million "vanish(ing) into thin air". On April 6, 2021, share price fell $0.82, or approximately 13%, on this news, to close at $5.53 per share thereby injuring investors.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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