Kessler Topaz Meltzer & Check, LLP: Announces Investigation of Canaan Inc. (NASDAQ: CAN) on Behalf of Investors for Potential Securities Fraud Violations

Radnor, Pennsylvania, UNITED STATES


RADNOR, Pa., April 14, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP is currently investigating potential violations of the federal securities laws on behalf of shareholders of Canaan Inc. (“Canaan”) (NASDAQ: CAN).  

Canaan is a bitcoin mining hardware manufacturer based in Hangzhou, China.

On April 12, 2021, before the market opened, Canaan issued a press release disclosing its fourth quarter 2020 and fiscal year 2020 financial results for the period ended December 31, 2020. Canaan generated $5.9 million in revenue in the fourth quarter and $68.6 million for full-year 2020. Canaan’s fourth quarter 2020 sales had declined more than 93% year-over-year compared to its fourth-quarter fiscal year 2019.

Following this news, Canaan’s stock price fell approximately 29.6%, down from its April 9, 2021 closing price of $18.67 to an April 12, 2021 close of $13.14.

If you are a Canaan investor and would like to learn more about our investigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at info@ktmc.com; or please visit the following link to fill out our online form http://www.ktmc.com/canaan-inc-investigation?utm_source=PR&utm_medium=Link&utm_campaign=canaan.

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.  The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars).  For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500
info@ktmc.com